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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2019	May 31, 2019	Sep. 30, 2018
Document And Entity Information
Entity Registrant Name	GSI TECHNOLOGY INC
Entity Central Index Key	0001126741
Document Type	10-K
Document Period End Date	Mar. 31, 2019
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Amendment Flag	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,892,188
Entity Public Float			$ 114.3

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
ASSETS
Cash and cash equivalents	$ 42,495	$ 40,241
Short-term investments	19,346	18,124
Accounts receivable, net	7,339	5,279
Inventories	5,685	5,547
Prepaid expenses and other current assets	2,500	2,080
Total current assets	77,365	71,271
Property and equipment, net	9,001	8,172
Long-term investments	8,997	7,923
Goodwill	7,978	7,978
Intangible assets, net	2,722	2,989
Other assets	160	1,207
Total assets	106,223	99,540
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	1,864	1,841
Accrued expenses and other liabilities	6,869	5,563
Total current liabilities	8,733	7,404
Income taxes payable	622	619
Other accrued expenses	3,713	4,702
Total liabilities	13,068	12,725
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock: $0.001 par value authorized: 5,000,000 shares; issued and outstanding: none
Common Stock: $0.001 par value authorized: 150,000,000 shares; issued and outstanding: 22,320,156 and 21,407,247 shares, respectively	22	21
Additional paid-in capital	33,462	27,391
Accumulated other comprehensive loss	(37)	(142)
Retained earnings	59,708	59,545
Total stockholders' equity	93,155	86,815
Total liabilities and stockholders' equity	$ 106,223	$ 99,540

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Mar. 31, 2018
Stockholders' Equity
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	22,320,156	21,407,247
Common stock, shares outstanding	22,320,156	21,407,247

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Income Statement
Net revenues	$ 51,486	$ 42,643	$ 48,180
Cost of revenues	19,858	20,217	21,764
Gross profit	31,628	22,426	26,416
Operating expenses:
Research and development	21,355	16,998	15,803
Selling, general and administrative	10,455	9,899	11,140
Total operating expenses	31,810	26,897	26,943
Loss from operations	(182)	(4,471)	(527)
Interest income, net	671	421	312
Other income (expense), net	(221)	(12)	166
Income (loss) before income taxes	268	(4,062)	(49)
Provision for income taxes	105	453	66
Net income (loss)	$ 163	$ (4,515)	$ (115)
Net income (loss) per share:
Basic	$ 0.01	$ (0.21)	$ (0.01)
Diluted	$ 0.01	$ (0.21)	$ (0.01)
Weighted Average Number Of Shares Outstanding [Abstract]
Basic	21,889	21,085	20,652
Diluted	23,349	21,085	20,652

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statements Of Comprehensive Income (Loss)
Net income (loss)	$ (102)	$ 2,262	$ (351)	$ (1,646)	$ 265	$ (1,528)	$ (1,740)	$ (1,512)	$ 163	$ (4,515)	$ (115)
Net unrealized gain (loss) on available-for-sale investments									105	(80)	(89)
Total comprehensive income (loss)									$ 268	$ (4,595)	$ (204)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Beginning Balance - Shares at Mar. 31, 2016	21,716,364
Beginning Balance - Amount at Mar. 31, 2016	$ 22	$ 25,050	$ 27	$ 64,770	$ 89,869
Issuance of common stock under employee stock option plans, shares	539,834
Issuance of common stock under employee stock option plans, amount	$ 1	2,013			2,014
Repurchase and retirement of common stock, shares	(1,643,441)
Repurchase and retirement of common stock, amount	$ (2)	(7,110)			(7,112)
Stock-based compensation expense		1,877			1,877
Comprehensive loss:
Net income (loss)				(115)	(115)
Net unrealized gain (loss) on available-for-sale investments			(89)		(89)
Ending Balance, Shares at Mar. 31, 2017	20,612,757
Ending Balance, Amount at Mar. 31, 2017	$ 21	21,830	(62)	64,655	86,444
Issuance of common stock under employee stock option plans, shares	794,490
Issuance of common stock under employee stock option plans, amount		3,491			3,491
Stock-based compensation expense		2,070			2,070
Impact of adoption of ASU 2016-16 \| ASU 2016-16				(595)	(595)
Comprehensive loss:
Net income (loss)				(4,515)	(4,515)
Net unrealized gain (loss) on available-for-sale investments			(80)		(80)
Ending Balance, Shares at Mar. 31, 2018	21,407,247
Ending Balance, Amount at Mar. 31, 2018	$ 21	27,391	(142)	59,545	86,815
Issuance of common stock under employee stock option plans, shares	933,746
Issuance of common stock under employee stock option plans, amount	$ 1	3,908			3,909
Repurchase and retirement of common stock, shares	(20,837)
Repurchase and retirement of common stock, amount		(103)			(103)
Stock-based compensation expense		2,266			2,266
Comprehensive loss:
Net income (loss)				163	163
Net unrealized gain (loss) on available-for-sale investments			105		105
Ending Balance, Shares at Mar. 31, 2019	22,320,156
Ending Balance, Amount at Mar. 31, 2019	$ 22	$ 33,462	$ (37)	$ 59,708	$ 93,155

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 163	$ (4,515)	$ (115)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Allowance for sales returns, doubtful accounts and other	39	(41)	4
Provision for excess and obsolete inventories	1,195	1,561	588
Depreciation and amortization	1,454	1,255	1,532
Stock-based compensation	2,266	2,070	1,877
Amortization of premium (discount) on investments	(36)	73	74
Changes in assets and liabilities:
Accounts receivable	(2,099)	1,111	1,125
Inventory	(1,333)	2,103	(2,625)
Prepaid expenses and other assets	(144)	117	103
Accounts payable	48	189	(887)
Accrued expenses and other liabilities	1,453	(1,183)	911
Deferred revenue		(1,675)	(534)
Net cash provided by operating activities	3,006	1,065	2,053
Cash flows from investing activities:
Purchase of investments	(20,307)	(13,243)	(18,563)
Maturities of short-term investments	18,173	16,140	23,600
Decrease in MikaMonu escrow deposit	750	1,234
Purchases of property and equipment	(2,090)	(1,320)	(219)
Net cash provided by (used in) investing activities	(3,474)	2,811	4,818
Cash flows from financing activities:
Repurchase of common stock	(103)		(7,112)
Payment of MikaMonu escrow deposit	(364)	(862)
Payment of contingent consideration	(720)
Proceeds from issuance of common stock under employee stock plans	3,909	3,491	2,014
Net cash provided by (used in) financing activities	2,722	2,629	(5,098)
Net increase in cash and cash equivalents	2,254	6,505	1,773
Cash and cash equivalents at beginning of the period	40,241	33,736	31,963
Cash and cash equivalents at end of the period	42,495	40,241	33,736
Non-cash financing activities:
Purchases of property and equipment through accounts payable and accruals	31	105
Supplemental cash flow information:
Net cash paid for income taxes	$ 11	$ 39	$ 1,339

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2019

The Company And Summary Of Significant Accounting Policies

NOTE 1 - THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

GSI Technology, Inc. (the “Company”) was incorporated in California in March 1995 and reincorporated in Delaware on June 9, 2004. The Company is a provider of high performance semiconductor memory solutions to networking, industrial, medical, aerospace and military customers. The Company’s products are incorporated primarily in high-performance networking and telecommunications equipment, such as routers, switches, wide area network infrastructure equipment, wireless base stations and network access equipment. In addition, the Company serves the ongoing needs of the military, industrial, test equipment and medical markets for high-performance SRAMs. The Company’s in-place associative computing product, currently under development, is targeted for markets including big data, computer vision and cyber security.

Accounting principles

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Basis of consolidation

The consolidated financial statements include the accounts of the Company’s four wholly-owned subsidiaries, GSI Technology Holdings, Inc., GSI Technology (BVI), Inc., GSI Technology Israel Ltd. and GSI Technology Taiwan, Inc. All inter-company transactions and balances have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates are inherent in the preparation of the consolidated financial statements and include revenue recognition, obsolete and excess inventory, the valuation allowance on deferred tax assets, stock-based compensation, contingent consideration and the valuation of goodwill. Actual results could differ materially from those estimates.

Risk and uncertainties

The Company buys all of its SRAM and LLDRAM wafers, integral components of its products, from single suppliers and is also dependent on independent suppliers to assemble and test its products. During the years ended March 31, 2019, 2018 and 2017, all of the wafers used in the Company’s SRAM and LLDRAM products were supplied by Taiwan Semiconductor Manufacturing Company Limited, or TSMC, and Powerchip Technology Corporation, or Powerchip, respectively. If these suppliers fail to satisfy the Company’s requirements on a timely basis at competitive prices, the Company could suffer manufacturing delays, a possible loss of revenues, or higher cost of revenues, any of which could adversely affect operating results.

A majority of the Company’s net revenues come from sales to customers in the networking and telecommunications equipment industry. A decline in demand in this industry could have a material adverse effect on the Company’s operating results and financial condition.

Because much of the manufacturing and testing of the Company’s products is conducted in Taiwan, its business performance may be affected by changes in Taiwan’s political, social and economic environment. For example, any political instability resulting from the relationship among the United States, Taiwan and the People’s Republic of China could damage the Company’s business. Moreover, the role of the Taiwanese government in the Taiwanese economy is significant. Taiwanese policies toward economic liberalization, and laws and policies affecting technology companies, foreign investment, currency exchange rates, taxes and other matters could change, resulting in greater restrictions on the Company’s and its suppliers' ability to do business and operate facilities in Taiwan. If any of these risks were to occur, the Company’s business could be harmed.

Some of the Company’s suppliers and the Company’s two principal operations are located near fault lines. In the event of a major earthquake or other natural disaster near the facilities of any of these suppliers or the Company, the Company’s business could be harmed.

From time to time, the Company is involved in legal actions. There are many uncertainties associated with any litigation, and the Company may not prevail. If information becomes available that causes us to determine that a loss in any of our pending litigation, or the settlement of such litigation, is probable, and we can reasonably estimate the loss associated with such events, we will record the loss in accordance with GAAP. However, the actual liability in any such litigation may be materially different from our estimates, which could require us to record additional costs.

Revenue recognition

The Company implemented ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” and several supplemental and/or clarifying ASUs (collectively, "ASC 606") in fiscal 2019. See discussion under “Recent Accounting Pronouncements” below. The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Under this criteria, revenue from the sale of products is generally recognized upon shipment according to the Company’s shipping terms, net of accruals for estimated variable consideration resulting from sales returns and allowances based on historical experience. For sales to consignment warehouses, who purchase products from the Company for use by contract manufacturers, revenues are recognized upon delivery to the contract manufacturer. Prior to implementation of ASC 606, sales to certain distributors were made under agreements allowing for returns or credits under certain circumstances. We therefore deferred recognition of revenue on sales to those distributors under these terms until products were resold by the distributor. During fiscal 2018, we revised our distribution agreements to these distributors to eliminate ship from stock and debits and price protection. Under these revised distribution agreements, selling prices were fixed and determinable on the date of shipment and revenue was recognized upon shipment. Additionally, we recognized additional revenue of $2.0 million in fiscal 2018 on the dates that the distribution agreements were revised for product held by our distributors as the price became fixed and determinable.

Cash and cash equivalents

Cash and cash equivalents include cash in demand accounts and highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase, stated at cost, which approximates their fair value.

Short-term and long-term investments

All of the Company’s short-term and long-term investments are classified as available-for-sale. Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations. Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of “Accumulated other comprehensive income (loss)” on the Consolidated Balance Sheets. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when the declines in fair value are determined to be other-than-temporary.

Concentration of credit risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, short-term and long-term investments and accounts receivable. The Company places its cash primarily in checking, certificate of deposit, and money market accounts with reputable financial institutions, and by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. The Company’s accounts receivable are derived primarily from revenue earned from customers located in the U.S. and Asia. The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers. The Company maintains an allowance for doubtful accounts receivable based upon the expected collectability of accounts receivable. There were no write offs of accounts receivable in the years ended March 31, 2019, 2018 or 2017.

At March 31, 2019, three customers accounted for 44%, 22% and 17% of accounts receivable, and for the year then ended, four customers accounted for 31%, 22%, 18% and 15% of net revenues. At March 31, 2018, four customers accounted for 26%, 25%, 21%, and 13% of accounts receivable, and for the year then ended, four customers accounted for 35%, 16%, 16% and 13% of net revenues. For the year ended March 31, 2017, four customers accounted for 26%, 20%, 20% and 10% of net revenues.

Inventories

Inventories are stated at the lower of cost or net realizable value, cost being determined on a weighted average basis. Inventory write-down allowances are established when conditions indicate that the selling price could be less than cost due to physical deterioration, obsolescence, changes in price levels, or other causes. These allowances, once recorded, result in a new cost basis for the related inventory. These allowances are also considered for excess inventory generally based on inventory levels in excess of 12 months of forecasted demand, as estimated by management, for each specific product. The allowance is not reversed until the inventory is sold or disposed.

The Company recorded write-downs of excess and obsolete inventories of $1.2 million, $1.6 million and $588,000, respectively, in fiscal 2019, 2018 and 2017.

Property and equipment, net

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as presented below:


Software		3 to 5 years
Computer and other equipment		5 to 10 years
Building and building improvements		10 to 25 years
Furniture and fixtures		7 years

Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the remaining lease term of the respective assets. Gains or losses on disposals of property and equipment are recorded within income from operations. Costs of repairs and maintenance are included as part of operating expenses unless they are incurred in relation to major improvements to existing property and equipment, at which time they are capitalized.

Impairment of long-lived assets

Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. If the sum of the expected future cash flows (undiscounted and before interest) from the use of the assets is less than the net book value of the asset an impairment could exist and the amount of the impairment loss, if any, will generally be measured as the difference between the net book value of the assets and their estimated fair values. There were no impairment losses recognized during the years ended March 31, 2019, 2018 or 2017.

Goodwill and intangible assets

Goodwill is not amortized but is tested for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable.

The Company assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year and if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The Company has one reporting unit. In accordance with ASU 2011-08, Testing Goodwill for Impairment, qualitative factors can be assessed to determine whether it is necessary to perform the current two-step test for goodwill impairment. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required.

Intangible assets with finite useful lives are amortized over their estimated useful lives, generally on a straight-line basis over five to fifteen years. The Company reviews identifiable amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value.

Research and development

Research and development expenses are related to new product designs, including, salaries, stock-based compensation, contractor fees, and allocation of corporate costs and are charged to the statement of operations as incurred.

Income taxes

The Company accounts for income taxes under the liability method, whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that the deferred tax asset will not be realized. Because the Company recorded a cumulative three-year loss on a U.S. tax basis for the years ended March 31, 2019 and 2018, the Company has recorded a tax provision reflecting substantially a full valuation allowance of its $6.7 million and $5.9 million of net deferred tax assets at March 31, 2019 and 2018, respectively.

Authoritative guidance prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return (including a decision whether to file or not to file a return in a particular jurisdiction). Under the guidance, the financial statements will reflect expected future tax consequences of such positions presuming the taxing authorities' full knowledge of the position and all relevant facts, but without considering time values. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.

Shipping and handling costs

The Company records costs related to shipping and handling in cost of revenues.

Advertising expense

Advertising costs are charged to expense in the period incurred. Advertising expense was not material for the years ended March 31, 2019, 2018 and 2017, respectively.

Foreign currency transactions

The U.S. dollar is the functional currency for all of the Company’s foreign operations. Foreign currency transaction gains and losses, resulting from transactions denominated in currencies other than U.S. dollars are included in the Consolidated Statements of Operations. These gains and losses were not material for the years ended March 31, 2019, 2018 or 2017.

Segments

Segment reporting is based on the “management approach,” following the method that management organizes the Company’s reportable segments for which separate financial information is made available to, and evaluated regularly by, the chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer ("CEO"), who makes decision on allocating resources and in assessing performance. The CEO reviews the Company's consolidated results as one operating segment. In making operating decisions, the CEO primarily considers consolidated financial information, accompanied by disaggregated information about revenues by customers and product. All of the Company’s principal operations and decision-making functions are located in the U.S. The Company’s CEO views its operations, manages its business, and uses one measurement of profitability for the one operating segment, which designs, develops and sells integrated circuits.

Accounting for stock-based compensation

Stock-based compensation expense recognized in the Consolidated Statement of Operations is based on options ultimately expected to vest, reduced by the amount of estimated forfeitures. The Company chose the straight-line method of allocating compensation cost over the requisite service period of the related award according to authoritative guidance. The Company calculates the expected term based on the historical average period of time that options were outstanding as adjusted for expected changes in future exercise patterns, which, for options granted in fiscal 2019, 2018 and 2017 resulted in an expected term of approximately five years. The Company uses its historical volatility to estimate expected volatility. The risk-free interest rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding to the expected life of the options. The dividend yield is 0%, based on the fact that the Company has never paid dividends and has no present intention to pay dividends. Changes to these assumptions may have a significant impact on the results of operations.

Authoritative guidance requires cash flows, if any, resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) to be classified as financing cash flows in the Consolidated Statements of Cash Flows.

Comprehensive income (loss)

Comprehensive income (loss) is defined to include all changes in stockholders’ equity during a period except those resulting from investments by owners and distributions to owners. For the years ended March 31, 2019, 2018 and 2017, comprehensive income (loss) was $268,000, ($4.6) million and ($204,000), respectively.

Business combinations

The Company allocates the fair value of the purchase consideration of its acquisitions to the tangible assets, liabilities, and intangible assets acquired, based on their estimated fair values. Goodwill represents the excess of acquisition cost over the fair value of tangible and identified intangible net assets of businesses acquired. Transaction costs and costs to restructure the acquired company are expensed as incurred. The operating results of the acquired company are reflected in the Company’s consolidated financial statements after the closing date of the business combination.

Recent accounting pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The standard amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders' equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. The Company anticipates its first presentation of changes in shareholders' equity will be included in its Form 10-Q for the quarter ended June 30, 2019.

In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The standard eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for annual and interim goodwill impairment tests conducted in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires entities to include in their cash and cash-equivalent balances in the statement of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents. As a result, companies will no longer present transfers between cash and cash equivalents, and restricted cash and restricted cash equivalents in the statement of cash flows. The Company adopted ASU 2016-18 in the quarter ended June 30, 2018. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For trade and other receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted beginning April 1, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, “Elements of Financial Statements,” and, therefore, recognition of those lease assets and lease liabilities represents a change of previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842): Targeted Improvements," which provides clarifications and improvements to ASU 2016-02 including allowing entities to elect an additional transition method, a modified retrospective approach, that permits changes to be applied by means of a cumulative-effect adjustment recorded in retained earnings as of the beginning of the fiscal year of adoption. Consequently, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with ASC 840, Leases (Topic 840) ("ASC 840"), including the disclosure requirements of ASC 840. The Company intends to implement ASC 840 using this modified retrospective approach. The new guidance will be effective for the Company starting in the first quarter of fiscal 2020.

The Company does not expect to restate comparative periods, as permitted by ASU 2018-11, and intends to elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carry forward the historical lease classification. Further, the Company will make an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. The Company will recognize those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term.

The Company has completed its preliminary evaluation of the impact the new lease accounting guidance will have on its Consolidated Financial Statements and expects to recognize new right of use assets and lease liabilities of approximately $1.0 million to $1.2 million for its operating leases on the Consolidated Balance Sheet upon adoption. The Company has no lease assets and liabilities under capital leases as of March 31, 2019. The Company does not expect the changes to have a material impact on the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. Further, upon adoption, the Company will expand its financial statement disclosures to present additional details of its leasing arrangements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income and simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. The accounting standard update also updates certain presentation and disclosure requirements. The Company adopted ASU 2016-01 in the quarter ended June 30, 2018. Implementation of this guidance did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)" and has subsequently issued several supplemental and/or clarifying ASUs (collectively, "ASC 606"). The new accounting standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The new standard requires a company to recognize revenue as control of goods or services transfers to a customer at an amount that reflects the expected consideration to be received in exchange for those goods or services. It defines a five-step approach for recognizing revenue, which may require a company to use more judgment and make more estimates than under the current standard. The Company adopted ASC 606 on April 1, 2018 using the modified retrospective transition method. See Note 2 for further detail.

2. REVENUE RECOGNITION

12 Months Ended

Mar. 31, 2019

REVENUE RECOGNITION.

Note 2 - REVENUE RECOGNITION

NOTE 2 —REVENUE RECOGNITION

Upon adoption of ASC 606 in fiscal 2019, the Company determines revenue recognition through the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation.

The adoption of ASC 606 was applied to all contracts and did not have a significant impact on the Company’s retained earnings as the timing of Company’s revenue recognition under the new standard coincides with the way the Company previously recognized revenue. There was no impact on the opening retained earnings balance as of April 1, 2018 due to the adoption of ASC 606.

The majority of the Company’s customer contracts, which may be in the form of purchase orders, contracts or purchase agreements, contain performance obligations for delivery of agreed upon products. Delivery of all performance obligations contained within a contract with a customer typically occurs at the same time (or within the same accounting period). Transfer of control typically occurs at the time of shipment or at the time the product is pulled from consignment as that is the point at which delivery has occurred, title and the risks and rewards of ownership have passed to the customer, and the Company has a right to payment. Thus, the Company will generally recognize revenue upon shipment of the product.

Because all of the Company’s performance obligations relate to contracts with a duration of less than one year, the Company elected to apply the optional exemption practical expedient provided in ASC 606 and, therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.

The Company adjusts the transaction price for variable consideration. Variable consideration is not typically significant and primarily results from stock rotation rights and quick pay discounts provided to our distributors. As a practical expedient, the Company is recognizing the incremental costs of obtaining a contract, specifically commission expenses that have a period of benefit of less than twelve months, as an expense when incurred. Additionally, the Company has adopted an accounting policy to recognize shipping costs that occur after control transfers to the customer as a fulfillment activity.

The Company’s contracts with customers do not typically include extended payment terms. Payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. Additionally, the Company has right to payment upon shipment.

The Company records revenue net of sales tax, value added tax, excise tax and other taxes collected concurrent with product sales. The impact of such taxes on products sales is immaterial. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized.

The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs and the accrued warranty liability were not material as of March 31, 2019.

The majority of the Company’s revenue is derived from sales of SRAM products which represent approximately 99% of total revenues in the year ended March 31, 2019.

Nokia, the Company’s largest customer, purchases products directly from the Company and through contract manufacturers and distributors. Based on information provided to the Company by its contract manufacturers and distributors, purchases by Nokia represented approximately 45% of the Company’s net revenues in the year ended March 31, 2019.

The Company historically deferred recognition of revenue on shipments to its distributors under prior revenue guidance because it lacked fixed and determinable pricing for contracts in which the distributors had rights to price concessions from the Company upon shipment to the distributors’ customers. During fiscal 2018, the Company revised all of its distribution agreements to eliminate the uncertainty in pricing, allowing the Company to recognize revenue at the time of shipment to the distributors. As a result, the implementation of the new revenue guidance did not have a significant impact on the Company’s consolidated financial statements. See “Note 11 - Segment and Geographic Information” for revenue by shipment destination.

The following table presents the Company’s revenue disaggregated by customer type.


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Contract manufacturers	$	21,281	$	14,875	$	18,768
Distribution		28,807		26,635		27,716
OEM's		1,398		1,133		1,696
	$	51,486	$	42,643	$	48,180

3. NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Mar. 31, 2019

NET INCOME (LOSS) PER COMMON SHARE

NOTE 3 - NET INCOME (LOSS) PER COMMON SHARE

NOTE 3—NET INCOME (LOSS) PER COMMON SHARE

The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net income (loss) per share. The following table sets forth the computation of basic and diluted net income (loss) per share:


	Year Ended March 31,
	2019		2018		2017
	(In thousands, except per share amounts)
Net income (loss)	$	163	$	(4,515)	$	(115)

Denominators:
Weighted average shares—Basic		21,889		21,085		20,652
Dilutive effect of employee stock options		1,453		—		—
Dilutive effect of employee stock purchase plan options		7		—		—
Weighted average shares—Dilutive		23,349		21,085		20,652
Net income (loss) per common share—Basic	$	0.01	$	(0.21)	$	(0.01)
Net income (loss) per common share—Diluted	$	0.01	$	(0.21)	$	(0.01)

The following shares of common stock (determined on a weighted average basis) were excluded from the computation of diluted net income (loss) per common share as they had an anti-dilutive effect:


	Year Ended March 31,
	2019	2018	2017
	(In thousands)
Shares underlying options and ESPP shares	2,108	2,790	5,483

4. BALANCE SHEET DETAIL

12 Months Ended

Mar. 31, 2019

BALANCE SHEET DETAIL

NOTE 4 - BALANCE SHEET DETAIL

NOTE 4—BALANCE SHEET DETAIL


	March 31,
	2019		2018
	(In thousands)
Inventories:
Work-in-progress	$	1,983	$	2,226
Finished goods		3,690		3,299
Inventory at distributors		12		22
	$	5,685	$	5,547


	March 31,
	2019		2018
	(In thousands)
Accounts receivable, net:
Accounts receivable	$	7,441	$	5,342
Less: Allowances for doubtful accounts and other		(102)		(63)
	$	7,339	$	5,279


	March 31,
	2019		2018
	(In thousands)
Prepaid expenses and other current assets:
Prepaid tooling and masks	$	535	$	163
Prepaid income taxes		39		—
Escrow deposit		1,000		750
Other receivables		321		370
Other prepaid expenses and other current assets		605		797
	$	2,500	$	2,080


	March 31,
	2019		2018
	(In thousands)
Property and equipment, net:
Computer and other equipment	$	19,086	$	17,845
Software		4,058		4,072
Land		3,900		3,900
Building and building improvements		3,718		2,310
Furniture and fixtures		102		82
Leasehold improvements		848		766
Construction in progress		—		965
		31,712		29,940
Less: Accumulated depreciation		(22,711)		(21,768)
	$	9,001	$	8,172

Depreciation expense was $1.2 million, $934,000 and $1.2 million for the years ended March 31, 2019, 2018 and 2017, respectively. The construction in progress related to a facility expansion at our Sunnyvale headquarters that was placed in service in the first quarter of fiscal 2019.


	March 31,
	2019		2018
	(In thousands)
Other assets:
Escrow deposit	$	—	$	1,000
Non-current deferred income taxes		35		75
Deposits		125		132
	$	160	$	1,207

The following table summarizes the components of intangible assets and related accumulated amortization balances at March 31, 2019 and 2018, respectively (in thousands):


	As of March 31, 2019
	Gross Carrying Amount		Accumulated amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590	$	(590)	$	—
Patents		4,220		(1,498)		2,722
Software		80		(80)		—
Total	$	4,890	$	(2,168)	$	2,722


	As of March 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590	$	(590)	$	—
Patents		4,220		(1,231)		2,989
Software		80		(80)		—
Total	$	4,890	$	(1,901)	$	2,989

Amortization of intangible assets of $267,000, $313,000 and $349,000 was included in cost of revenues for the years ended March 31, 2019, 2018 and 2017, respectively.

As of March 31, 2019, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands):


Twelve month period ending March 31,
2020	$	233
2021		233
2022		233
2023		233
2024		233
Thereafter		1,557
Total	$	2,722


	March 31,
	2019		2018
	(In thousands)
Accrued expenses and other liabilities:
Accrued compensation	$	4,659	$	2,786
Accrued professional fees		60		31
Accrued commissions		304		299
Contingent consideration		492		1,102
Accrued retention payment		415		291
Miscellaneous accrued expenses		939		1,054
	$	6,869	$	5,563


	March 31,
	2019		2018
	(In thousands)
Other accrued expenses:
Contingent consideration	$	3,713	$	4,411
Other long-term accrued liabilities		—		291
	$	3,713	$	4,702

5. GOODWILL	12 Months Ended
5. GOODWILL	Mar. 31, 2019
GOODWILL
NOTE 5 - GOODWILL	NOTE 5—GOODWILL Goodwill represents the difference between the purchase price and the estimated fair value of the identifiable assets acquired and liabilities assumed in a business combination. The Company tests for goodwill impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset is more likely than not impaired. The Company has one reporting unit. The Company assesses goodwill for impairment on an annual basis on the last day of February in the fourth quarter of its fiscal year. The Company had a goodwill balance of $8.0 million as of both March 31, 2019 and 2018. The goodwill resulted from the acquisition of MikaMonu Group Ltd. (“MikaMonu”) in fiscal 2016. The Company utilized a two-step quantitative analysis to complete its annual impairment test during the fourth quarter of fiscal 2019 and concluded that there was no impairment, as the fair value of its sole reporting unit exceeded its carrying value. The Company determined that the second step of the impairment test was not necessary. The Company believes that the fair value established during the fiscal 2019 annual goodwill impairment testing was reasonable, and no triggering event has taken place subsequent to the fiscal 2019 annual assessment.

6. INCOME TAXES

12 Months Ended

Mar. 31, 2019

INCOME TAXES

NOTE 6 - INCOME TAXES

NOTE 6—INCOME TAXES

Loss before income taxes and the provision for income taxes consists of the following:


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Income (loss) before income taxes:
U.S.	$	(5,487)	$	(3,654)	$	(4,938)
Foreign		5,755		(408)		4,889
	$	268	$	(4,062)	$	(49)
Current income tax expense (benefit):
U.S. federal	$	(28)	$	367	$	(14)
Foreign		121		153		736
State		1		1		4
		94		521		726
Deferred income tax expense (benefit):
U.S. federal		13		(90)		14
Foreign		—		22		(674)
State		(2)		—		—
		11		(68)		(660)
Provision for income taxes	$	105	$	453	$	66

The provision for income tax differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pre-tax loss as follows:


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
U.S. Federal taxes at statutory rate	$	56	$	(1,282)	$	(17)
State taxes, net of federal benefit		(2)		—		3
Deemed repatriation transfer tax		—		5,117		—
Deferred tax re-measurement, change in tax rates		—		1,093		—
Stock-based compensation		(124)		(124)		630
Tax credits		(536)		(417)		(398)
Foreign tax rate differential		117		390		(1,525)
Tax exempt interest		(4)		(8)		(5)
Non-deductible expenses and other		17		97		24
		(476)		4,866		(1,288)
Valuation allowance		581		(4,413)		1,354
	$	105	$	453	$	66

Deferred tax assets and deferred tax liabilities consist of the following:


	March 31,
	2019		2018
	(In thousands)
Deferred tax assets:
Tax credits	$	4,819	$	3,958
Net operating losses		113		104
Stock-based compensation		891		899
Property and equipment		138		268
Other reserves and accruals		776		759
Total deferred tax assets		6,737		5,988
Less valuation allowance		(6,700)		(5,913)
Deferred tax assets, net		37		75
Deferred tax liabilities:
Unrecognized gains		(2)		—
Total deferred tax liabilities		(2)		—
Net deferred tax asset	$	35	$	75

The Company currently intends to indefinitely reinvest earnings in operations outside the United States. No provision has been made for state income taxes that might be payable upon remittance of such earnings, nor is it practicable to determine the amount of such potential liability.

The long-term portion of the Company’s unrecognized tax benefits at March 31, 2019 and 2018 was $622,000 and $619,000, respectively, of which the timing of the resolution is uncertain. As of March 31, 2019 and 2018, $2.5 million and $2.1 million, respectively, of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets. As of March 31, 2019, the Company’s net deferred tax assets of $6.7 million are subject to a valuation allowance of $6.7 million. It is possible, however, that some months or years may elapse before an uncertain position for which the Company has established a reserve is resolved. A reconciliation of unrecognized tax benefits is as follows:


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Unrecognized tax benefits, beginning of period	$	2,735	$	2,714	$	2,055
Additions based on tax positions related to current year		371		520		730
Additions based on tax positions related to prior years		13		—		—
2017 Tax Act and tax rate re-measurement		—		(499)		—
Reductions based on tax positions related to prior years		(17)		—		—
Lapses during the current year applicable to statutes of limitations		—		—		(71)
Unrecognized tax benefits, end of period	$	3,102	$	2,735	$	2,714

The unrecognized tax benefit balance as of March 31, 2019 of $599,000 would affect the Company’s effective tax rate if recognized.

On December 22, 2017, the “Tax Cuts and Jobs Act” ("H.R. 1") was signed into law, significantly impacting several sections of the Internal Revenue Code. Following the enactment of the H.R. 1, the SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the H.R. 1 enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, the Company must reflect the income tax effects of those aspects of H.R. 1 for which the accounting under ASC 740 is complete. To the extent that the Company’s accounting for certain income tax effects of H.R. 1 is incomplete but the Company is able to determine a reasonable estimate, the Company must record a provisional estimate in the financial statements. If the Company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax law that were in effect immediately before the enactment of the H.R 1.

This new law includes significant changes to the U.S. corporate income tax system, including a permanent reduction in the corporate income tax rate from 35% to 21%, limitations on the deductibility of interest expense and executive compensation and the transition of U.S. international taxation from a worldwide tax system to a territorial tax system. We re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. The re-measurement of our deferred tax balance of $1.1 million was offset by application of our valuation allowance. We calculated our best estimate of the impact of H.R. 1 in the fiscal 2018 year-end income tax provision, including the impact of the one-time transition tax, in accordance with our understanding of H.R. 1 and guidance available as of the date of this filing and recorded a tax expense of $367,000 in the year ended March 31, 2018 related to the transition tax associated with deemed repatriation of foreign earnings. Pursuant to Staff Accounting Bulletin No. 118, adjustments to the provisional amounts recorded by the Company that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to tax expense from continuing operations in the period the amounts are determined. During the year ended March 31, 2019, the Company completed its assessment of the impact of H.R. 1 and recorded an immaterial additional liability that is included in Income Taxes Payable in the Consolidated Balance Sheet as of March 31, 2019.

H.R. 1 subjects a U.S. shareholder to tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to treat GILTI book-tax differences as a period cost. In addition, the Company has elected to use the incremental cash tax savings approach (with and without method) in determining its U.S. valuation allowance.

At March 31, 2019, due to the Company’s valuation allowance in the United States, there was no net income tax effect related to GILTI in the Company’s fiscal year ended March 31, 2019.

Management believes that within the next twelve months the Company will have no material reduction in uncertain tax benefits, including interest and penalties, as a result of the lapse of statute of limitations.

The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Consolidated Statements of Operations.

The Company's federal and state net operating loss carryforwards for income tax purposes are approximately $0 and $2.5 million, respectively, at March 31, 2019. The Company's state tax net operating loss carryforwards expire beginning in 2034.

The Company's federal and state tax credit carryforwards for income tax purposes are approximately $2.3 million and $3.2 million respectively, at March 31, 2019. The Company's federal tax credit carryforwards expire beginning in 2033. The Company's state tax credit carryforwards have no expiration date.

The Company is subject to taxation in the United States and various state and foreign jurisdictions. As of March 31, 2019, the Company maintained a valuation allowance of $6.7 million for deferred tax assets that are not expected to be utilized in future years. Fiscal years 2013 through 2019 remain open to examination by the federal tax authorities and fiscal years 2012 through 2019 remain open to examination by the state of California.

7. FINANCIAL INSTRUMENTS

12 Months Ended

Mar. 31, 2019

FINANCIAL INSTRUMENTS

NOTE 7 - FINANCIAL INSTRUMENTS

NOTE 7—FINANCIAL INSTRUMENTS

Fair value measurements

Authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosure. The guidance applies to all financial assets and financial liabilities that are measured on a recurring basis. The guidance requires fair value measurement to be classified and disclosed in one of the following three categories:

Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities. The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market. As of March 31, 2019, the Level 1 category included money market funds of $4.1 million, which were included in cash and cash equivalents on the Consolidated Balance Sheets.

Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well-established independent pricing vendors and broker-dealers. As of March 31, 2019, the Level 2 category included short-term investments of $19.3 million and long term-investments of $9.0 million, which were primarily comprised of certificates of deposit and agency securities.

Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing. As of March 31, 2019, the Company’s Level 3 financial instruments measured at fair value on the Consolidated Balance Sheets consisted of the contingent consideration liability related to the MikaMonu acquisition. The fair value of the contingent consideration liability was initially determined as of the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of future cash flows, the probability of success (achievement of the various contingent events) and a risk-adjusted discount rate of approximately 14.8% used to adjust the probability-weighted cash flows to their present value. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is re-measured to fair value with changes recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. The contingent consideration liability is included in other accrued expenses on the Consolidated Balance Sheet at March 31, 2019 and 2018 in the amount of $3.7 million and $4.4 million, respectively, and is included in accrued expenses and other liabilities at March 31, 2019 and 2018 in the amount of $492,000 and $1.1 million, respectively.

Refer to Note 12, “Acquisition” for more information.

The fair value of financial assets measured on a recurring basis is as follows (in thousands):


			Fair Value Measurements at Reporting Date Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical Assets		Observable		Unobservable
			and Liabilities		Inputs		Inputs
	March 31, 2019		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	4,090	$	4,090	$	—	$	—
Marketable securities		28,343		—		28,343		—
Total	$	32,433	$	4,090	$	28,343	$	—

Liabilities:
Contingent consideration	$	4,206	$	—	$	—	$	4,206


			Fair Value Measurements at Reporting Date Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical Assets		Observable		Unobservable
			and Liabilities		Inputs		Inputs
	March 31, 2018		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	6,788	$	6,788	$	—	$	—
Marketable securities		26,047		—		26,047		—
Total	$	32,835	$	6,788	$	26,047	$	—

Liabilities:
Contingent consideration	$	5,514	$	—	$	—	$	5,514

The following table sets forth the changes in fair value of contingent consideration for the fiscal years ended March 31, 2019, 2018 and 2017, respectively:


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Contingent consideration, beginning of period	$	5,514	$	6,200	$	5,856
Change due to accretion		147		158		161
Re-measurement of contingent consideration		(326)		(466)		183
Payment of contingent consideration		(1,129)		(378)		—
Contingent consideration, end of period	$	4,206	$	5,514	$	6,200

Short-term and long-term investments

All of the Company’s short-term and long-term investments are classified as available-for-sale. Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations. Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The Company had money market funds of $4.1 million and $6.8 million at March 31, 2019 and March 31, 2018, respectively, included in cash and cash equivalents on the Consolidated Balance Sheets. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when the declines are determined to be other-than-temporary.

The following table summarizes the Company’s available-for-sale investments:


	March 31, 2019
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Short-term investments:
Certificates of deposit	$	16,500	$	4		(24)	$	16,480
Supranational obligations		2,867		—		(1)		2,866
Total short-term investments	$	19,367	$	4	$	(25)	$	19,346
Long-term investments:
Certificates of deposit	$	6,000	$	23	$	(4)	$	6,019
Agency bonds		2,968		11		(1)		2,978
Total long-term investments	$	8,968	$	34	$	(5)	$	8,997


	March 31, 2018
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Short-term investments:
Certificates of deposit	$	8,750	$	—	$	(28)	$	8,722
Foreign government obligations		5,428		—		(21)		5,407
Agency bonds		3,996		—		(1)		3,995
Total short-term investments	$	18,174	$	—	$	(50)	$	18,124
Long-term investments:
Certificates of deposit	$	8,000	$	—	$	(77)	$	7,923
Total long-term investments	$	8,000	$	—	$	(77)	$	7,923

The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position as of March 31, 2019 and 2018, respectively.


	March 31, 2019
	Less Than 12 Months				12 Months or Greater				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss		Value		Loss
	(In thousands)
Certificates of deposit	$	2,998	$	(2)	$	7,974	$	(26)	$	10,972	$	(28)
Supranational obligations		2,866		(1)		-		-		2,866		(1)
Agency bonds		1,501		(1)		-		-		1,501		(1)
	$	7,365	$	(4)	$	7,974	$	(26)	$	15,339	$	(30)


	March 31, 2018
	Less Than 12 Months				12 Months or Greater				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss		Value		Loss
	(In thousands)
Certificates of deposit	$	10,694	$	(56)	$	5,950	$	(49)	$	16,644	$	(105)
Agency bonds		3,995		(1)		-		-		3,995		(1)
Foreign government obligations		4,357		(20)		1,050		(1)		5,407		(21)
	$	19,046	$	(77)	$	7,000	$	(50)	$	26,046	$	(127)

The Company’s investment portfolio consists of both corporate and governmental securities that have a maximum maturity of three years. All unrealized gains and losses are due to changes in interest rates and bond yields. Subject to normal credit risks, the Company has the ability to realize the full value of all these investments upon maturity.

At March 31, 2019 and 2018, the deferred tax asset (liability) related to unrecognized gains and losses on short-term and long-term investments was ($2,000) and $29,000, respectively.

As of March 31, 2019, contractual maturities of the Company’s available-for-sale investments were as follows:


			Fair
	Cost		Value
	(In thousands)
Maturing within one year	$	19,367	$	19,346
Maturing in one to three years		8,968		8,997
	$	28,335	$	28,343

8. COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2019

COMMITMENTS AND CONTINGENCIES

NOTE 8 - COMMITMENTS AND CONTINGENCIES

NOTE 8—COMMITMENTS AND CONTINGENCIES

Operating leases

The Company leases office space under noncancelable operating leases with various expiration dates through April 2022. Rent expense for the years ended March 31, 2019, 2018 and 2017 was $566,000, $527,000 and $504,000, respectively. The terms of the facility leases provide for rental payments on a graduated scale. The Company recognizes rent expense on a straight-line basis over the lease period, and has accrued for rent expense incurred but not paid.

Future minimum lease payments under noncancelable operating leases with remaining lease terms in excess of one year at March 31, 2019 are as follows:


	Operating
Fiscal Year Ending March 31,	Leases
	(In thousands)
2020	$	477
2021		338
2022		83
2023		7
Total	$	905

Royalty obligations

The Company has license agreements that require it to pay royalties on the sale of products using the licensed technology. Royalty expense for the years ended March 31, 2019, 2018 and 2017 was $34,000, $46,000 and $35,000, respectively, and was included within cost of revenues.

Indemnification obligations

The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify the other party with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold and certain intellectual property rights. In each of these circumstances, payment by the Company is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party’s claims. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements.

It is not possible to predict the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material effect on its business, financial condition, cash flows or results of operations. The Company believes that if it were to incur a loss in any of these matters, such loss should not have a material effect on its business, financial condition, cash flows or results of operations.

Product warranties

9. COMMON STOCK	12 Months Ended
9. COMMON STOCK	Mar. 31, 2019
COMMON STOCK.
NOTE 9 - COMMON STOCK	NOTE 9—COMMON STOCK The Company’s Certificate of Incorporation, as amended, authorizes the Company to issue 150,000,000 shares of $0.001 par value common stock. On August 6, 2014, the Company completed a modified “Dutch auction” self-tender offer to repurchase for cash shares of its common stock. The Company accepted for purchase and retirement an aggregate of 3,846,153 shares of its common stock at a final purchase price of $6.50 per share, for an aggregate cost of approximately $25 million, excluding fees and expenses related to the tender offer. The Company’s board of directors has authorized the repurchase, at management’s discretion, of shares of its common stock. Under the repurchase program, the Company may repurchase shares from time to time on the open market or in private transactions. The specific timing and amount of the repurchases will be dependent on market conditions, securities law limitations and other factors. The repurchase program may be suspended or terminated at any time without prior notice. Through March 31, 2019, including the shares purchased in the modified “Dutch Auction” self-tender offer, the Company has repurchased and retired a total of 12,004,779 shares at an average cost of $5.06 per share for a total cost of $60.7 million. At March 31, 2019, management was authorized to repurchase additional shares with a value of up to $4.3 million under the repurchase program.

10. STOCK-BASED COMPENSATION

12 Months Ended

Mar. 31, 2019

STOCK-BASED COMPENSATION

NOTE 10 - STOCK-BASED COMPENSATION

NOTE 10—STOCK-BASED COMPENSATION

The 2007 Equity Incentive Plan

In January 2007, the Company’s board of directors approved the 2007 Equity Incentive Plan, (the “2007 Plan”), which was subsequently approved by the Company’s stockholders in March 2007. A total of 3,000,000 shares of common stock were authorized and reserved for issuance under the 2007 Plan. This reserve automatically increased on April 1 of each year through 2017 by an amount equal to the smaller of (a) five percent of the number of shares of common stock issued and outstanding on the immediately preceding March 31, or (b) a lesser amount determined by the board of directors. As described below, the 2007 Plan was terminated in August 2016 and no further awards may be granted pursuant to the 2007 Plan. In the event of a stock split or other change in the Company’s capital structure, appropriate adjustments will be made in the number of outstanding awards to prevent dilution or enlargement of participants’ rights.

Awards could be granted under the 2007 Plan to the Company’s employees, including officers, directors, or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. Options granted to non-officer employees generally vest at the rate of 25% on the first anniversary and subsequent anniversaries of the date of grant, while grants to officers vest in full four years after the anniversary date of the officer’s employment that is closest to the date of grant.

In the event of a change in control as described in the 2007 Plan, the acquiring or successor entity may assume or continue all or any awards outstanding under the 2007 Plan or substitute substantially equivalent awards. Any awards which are not assumed or continued in connection with a change in control or exercised or settled prior to the change in control will terminate effective as of the time of the change in control. The administrator may provide for the acceleration of vesting of any or all outstanding awards upon such terms and to such extent as it determines, except that the vesting of all nonemployee director awards will automatically be accelerated in full. The 2007 Plan also authorizes the administrator, in its discretion and without the consent of any participant, to cancel each or any outstanding award denominated in shares upon a change in control in exchange for a payment to the participant with respect to each vested share subject to the cancelled award of an amount equal to the excess of the consideration to be paid per share of common stock in the change in control transaction over the exercise price per share, if any, under the award.

The 2016 Equity Incentive Plan

In June 2016, the Company’s board of directors approved the 2016 Equity Incentive Plan, (the “2016 Plan”), which was subsequently approved by the Company’s stockholders in August 2016. In connection with the stockholders’ approval of the 2016 Plan, 6,000,000 shares available for future award under the 2007 Plan were transferred to the 2016 Plan, 705,699 shares available for grant under the 2007 plan were canceled and the 2007 Plan was terminated. The Company granted options under the 2007 Plan until August 2016, although it continues to govern the terms of options that remain outstanding under the 2007 Plan.

Appropriate and proportionate adjustments will be made to the number of shares authorized and other numerical limits in the 2016 Plan and to outstanding awards in the event of any change in the Company’s common stock through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares or similar change in the Company’s capital structure, or if the Company makes a distribution to its stockholders in a form other than common stock (excluding regular, periodic cash dividends) that has a material effect on the fair market value of the Company’s common stock. In such circumstances, the administrator also has the discretion under the 2016 Plan to adjust other terms of outstanding awards as it deems appropriate.

If any award granted under the 2016 Plan expires or otherwise terminates for any reason without having been exercised or settled in full, or if shares subject to forfeiture or repurchase are forfeited or repurchased by the Company for not more than the participant's purchase price, any such shares reacquired or subject to a terminated award will again become available for issuance under the 2016 Plan. Shares will not be treated as having been issued under the 2016 Plan and will therefore not reduce the number of shares available for issuance to the extent an award is settled in cash or to the extent that shares are withheld or reacquired by the Company in satisfaction of a tax withholding obligation. Upon the exercise of a stock appreciation right, tender of shares in payment of an option's exercise price or net-exercise of an option, the number of shares available under the 2016 Plan will be reduced by number of shares actually issued in settlement of the award.

To enable compensation provided in connection with certain types of awards intended to qualify as “performance-based” within the meaning of Section 162(m) of the Internal Revenue Code, the 2016 Plan establishes limits on the maximum aggregate number of shares or dollar value for which awards may be granted to an employee in any fiscal year, as follows:

No more than 300,000 shares subject to stock options and stock appreciation rights.

No more than 100,000 shares subject to restricted stock and restricted stock unit awards.

For each full fiscal year of the Company contained in the performance period of performance shares or performance unit awards, no more than 50,000 shares subject to performance share awards or more than $500,000 subject to performance unit awards.

For each full fiscal year of the Company contained in the performance period of cash-based or other stock-based awards, no more than $500,000 subject to cash-based awards or more than 50,000 shares subject to other stock-based awards.

Awards may be granted under the 2016 Plan to the Company’s employees, including officers, directors and consultants or those of any present or future parent or subsidiary corporation or other affiliated entity of the Company. To date, options granted to non-officer employees generally vest 25% on the first anniversary and subsequent anniversaries of the date of grant, while grants to officers vest in full four years after the anniversary date of the officer’s employment that is closest to the date of grant.

While the Company may grant incentive stock options only to employees, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock and stock units, performance shares and units, other stock-based awards and cash-based awards to any eligible participant. Non-employee director awards may be granted only to members of the Company’s board of directors who, at the time of grant, are not employees.

Only members of the board of directors who are not employees at the time of grant are eligible to participate in the nonemployee director awards component of the 2016 Plan. The board or the compensation committee shall set the amount and type of nonemployee director awards to be awarded on a periodic, non-discriminatory basis. Nonemployee director awards may be granted in the form of NSOs, stock appreciation rights, restricted stock awards and restricted stock unit awards. Subject to adjustment for changes in the Company's capital structure, no nonemployee director may be awarded, in any fiscal year, one or more nonemployee director awards for more than a number of shares determined by dividing $150,000 by the fair market value of a share of the Company’s stock determined on the last trading day immediately preceding the date on which the applicable nonemployee award is granted.

The 2016 Plan provides that, without the approval of a majority of the votes cast in person or by proxy at a meeting of the Company’s stockholders, the administrator may not provide for any of the following with respect to underwater options or stock appreciation rights: (1) either the cancellation of such outstanding options or stock appreciation rights in exchange for the grant of new options or stock appreciation rights at a lower exercise price or the amendment of outstanding options or stock appreciation rights to reduce the exercise price, (2) the issuance of new full value awards in exchange for the cancellation of such outstanding options or stock appreciation rights, or (3) the cancellation of such outstanding options or stock appreciation rights in exchange for payments in cash.

In the event of a change in control as described in the 2016 Plan, the surviving, continuing, successor or purchasing entity or its parent may, without the consent of any participant, either assume or continue outstanding awards or substitute substantially equivalent awards for its stock. If so determined by the Committee, stock-based awards will be deemed assumed if, for each share subject to the award prior to the change in control, its holder is given the right to receive the same amount of consideration that a stockholder would receive as a result of the change in control. Any awards which are not assumed or continued in connection with a change in control or exercised or settled prior to the change in control will terminate effective as of the time of the Change in Control. The administrator may provide for the acceleration of vesting or settlement of any or all outstanding awards upon such terms and to such extent as it determines, except that the vesting of all nonemployee director awards will automatically be accelerated in full. The 2016 Plan also authorizes the administrator, in its discretion and without the consent of any participant, to cancel each or any outstanding award denominated in shares of stock upon a change in control in exchange for a payment to the participant with respect each vested share (and each unvested share if so determined by the administrator) subject to the cancelled award of an amount equal to the excess of the consideration to be paid per share of common stock in the change in control transaction over the exercise or purchase price per share, if any, under the award.

The 2007 Employee Stock Purchase Plan

In January 2007, the board of directors approved the 2007 Employee Stock Purchase Plan (the “2007 Purchase Plan”) which was subsequently approved by the Company’s stockholders in March 2007. A total of 500,000 shares of the Company’s common stock was authorized and reserved for sale under the 2007 Purchase Plan. In addition, the 2007 Purchase Plan provides for an automatic annual increase in the number of shares available for issuance under the plan on April 1 of each year beginning in 2008 and continuing through and including April 1, 2017 equal to the lesser of (1) one percent of the number of issued and outstanding shares of common stock on the immediately preceding March 31, (2) 250,000 shares or (3) a number of shares as the board of directors may determine. Appropriate adjustments will be made in the number of authorized shares and in outstanding purchase rights to prevent dilution or enlargement of participants' rights in the event of a stock split or other change in our capital structure. Shares subject to purchase rights that expire or are canceled will again become available for issuance under the 2007 Purchase Plan.

The Company’s employees and employees of any parent or subsidiary corporation designated by the administrator will be eligible to participate in the 2007 Purchase Plan if they are customarily employed by us for more than 20 hours per week and more than five months in any calendar year. However, an employee may not be granted a right to purchase stock under the 2007 Purchase Plan if: (1) the employee immediately after such grant would own stock possessing 5% or more of the total combined voting power or value of all classes of our capital stock or of any parent or subsidiary corporation, or (2) the employee’s rights to purchase stock under all of our employee stock purchase plans would accrue at a rate that exceeds $25,000 in value for each calendar year of participation in such plans.

The 2007 Purchase Plan is designed to be implemented through a series of sequential offering periods, generally six (6) months in duration beginning on the first trading day on or after May 1 and November 1 of each year. The administrator is authorized to establish additional or alternative sequential or overlapping offering periods and offering periods having a different duration or different starting or ending dates, provided that no offering period may have a duration exceeding 27 months.

Amounts accumulated for each participant under the 2007 Purchase Plan are used to purchase shares of the Company’s common stock at the end of each offering period at a price generally equal to 85% of the lower of the fair market value of our common stock at the beginning of an offering period or at the end of the offering period. Prior to commencement of an offering period, the administrator is authorized to reduce, but not increase, this purchase price discount for that offering period, or, under circumstances described in the 2007 Purchase Plan, during that offering period. The maximum number of shares a participant may purchase in any six-month offering period is the lesser of (i) that number of shares determined by multiplying (x) 1,000 shares by (y) the number of months (rounded to the nearest whole month) in the offering period and rounding to the nearest whole share or (ii) that number of whole shares determined by dividing (x) the product of $2,083.33 and the number of months (rounded to the nearest whole month) in the offering period and rounding to the nearest whole dollar by (y) the fair market value of a share of our common stock at the beginning of the offering period. Prior to the beginning of any offering period, the administrator may alter the maximum number of shares that may be purchased by any participant during the offering period or specify a maximum aggregate number of shares that may be purchased by all participants in the offering period. If insufficient shares remain available under the plan to permit all participants to purchase the number of shares to which they would otherwise be entitled, the administrator will make a pro rata allocation of the available shares. Any amounts withheld from participants' compensation in excess of the amounts used to purchase shares will be refunded, without interest.

In the event of a change in control, an acquiring or successor corporation may assume our rights and obligations under the 2007 Purchase Plan. If the acquiring or successor corporation does not assume such rights and obligations, then the purchase date of the offering periods then in progress will be accelerated to a date prior to the change in control.

The following table summarizes stock option activities:


			Weighted
		Number of Shares	Average	Weighted
	Shares	Underlying	Remaining	Average
	Available for	Options	Contractual	Exercise		Intrinsic
	Grant	Outstanding	Life (Years)	Price		Value
Balance at March 31, 2016	6,432,063	7,625,705		$	5.08
Options reserved	1,085,818	—			—
Terminated plan	(705,699)	—			—
Granted	(1,362,798)	1,362,798		$	5.14
Exercised	—	(391,039)		$	3.96	$	855,160
Forfeited	14,801	(974,634)		$	5.53
Balance at March 31, 2017	5,464,185	7,622,830		$	5.09
Granted	(1,029,684)	1,029,684		$	7.28
Exercised	—	(678,897)		$	4.22	$	2,460,812
Forfeited	9,800	(99,350)		$	5.06
Balance at March 31, 2018	4,444,301	7,874,267		$	5.45
Granted	(1,097,893)	1,097,893		$	6.74
Exercised	—	(823,456)		$	4.00	$	2,782,691
Forfeited	80,140	(131,675)		$	5.60
Balance at March 31, 2019	3,426,548	8,017,029	5.57	$	5.77
Options vested and exercisable		4,905,367	3.89	$	5.50	$	11,281,978
Options vested and expected to vest		7,943,690	5.54	$	5.76	$	16,165,270

The options outstanding and by exercise price at March 31, 2019 are as follows:


				Number of	Options Outstanding			Options Exercisable
				Shares	Weighted		Weighted Average		Weighted
				Underlying	Average		Remaining	Number	Average
				Options	Exercise		Contractual	Vested and	Exercise
Exercise Price				Outstanding	Price		Life (Years)	Exercisable	Price
$	3.38	-	4.00	864,046	$	3.63	3.04	771,339	$	3.66
$	4.17	-	4.90	806,788	$	4.55	3.53	789,463	$	4.55
$	4.92	-	4.99	1,181,766	$	4.98	6.64	273,940	$	4.97
$	5.13	-	5.59	992,004	$	5.31	5.56	906,254	$	5.32
$	5.69	-	6.16	882,372	$	5.93	5.65	543,016	$	5.89
$	6.24	-	6.70	1,422,638	$	6.58	6.08	732,745	$	6.48
$	6.82	-	7.26	1,362,255	$	7.04	6.16	692,985	$	6.91
$	7.40	-	7.88	269,720	$	7.70	9.15	55,518	$	7.50
$	8.09			126,860	$	8.09	8.83	31,527	$	8.09
$	9.20			108,580	$	9.20	1.81	108,580	$	9.20
				8,017,029	$	5.77	5.57	4,905,367	$	5.50

Stock-based compensation

The Company recognized $2.3 million, $2.1 million and $1.9 million of stock-based compensation expense for the years ended March 31, 2019, 2018 and 2017, respectively, as follows:


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Cost of revenues	$	234	$	259	$	282
Research and development		1,310		1,141		980
Selling, general and administrative		722		670		615
Total	$	2,266	$	2,070	$	1,877

Stock-based compensation expense in the years ended March 31, 2019, 2018 and 2017 included $211,000, $207,000 and $150,000, respectively, related to the Company’s Employee Stock Purchase Plan.

No tax benefit was recognized in either fiscal 2019 or fiscal 2018 due to a full valuation allowance. There were no windfall tax benefits realized from exercised stock options recognized in fiscal 2019 or fiscal 2018. Compensation cost capitalized within inventory at March 31, 2019 and 2018 was not material. As of March 31, 2019, the Company’s total unrecognized compensation cost was $4.5 million, which will be recognized over the weighted average period of 1.94 years. The Company calculated the fair value of stock based awards in the periods presented using the Black-Scholes option pricing model and the following weighted average assumptions:


	Year Ended March 31,
	2019				2018				2017

Stock Option Plans:
Risk-free interest rate	2.53	-	2.91	%	1.84	-	2.49	%	1.12	-	1.95	%
Expected life (in years)			5.00				5.00				5.00
Volatility	35.6	-	37.3	%	35.5	-	36.5	%	33.3	-	35.4	%
Dividend yield			—	%			—	%			—	%
Employee Stock Purchase Plan:
Risk-free interest rate	2.09	-	2.5	%	1.04	-	1.42	%	0.38	-	0.45	%
Expected life (in years)			0.50				0.50				0.50
Volatility	32.6	-	37.7	%	38.8	-	51.1	%	30.8	-	39.6	%
Dividend yield			—	%			—	%			—	%

The weighted average fair value of options granted during the years ended March 31, 2019, 2018 and 2017 was $2.44, $2.54 and $1.66, respectively.

11. SEGMENT AND GEOGRAPHIC INFORMATION

12 Months Ended

Mar. 31, 2019

SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 11 - SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 11—SEGMENT AND GEOGRAPHIC INFORMATION

Based on its operating management and financial reporting structure, the Company has determined that it has one reportable business segment: the design, development and sale of integrated circuits.

The following is a summary of net revenues by geographic area based on the location to which product is shipped:


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
United States	$	19,327	$	20,690	$	19,708
China		4,458		5,520		9,364
Singapore		7,592		6,878		9,475
Netherlands		11,093		4,375		4,728
Germany		7,478		3,769		3,226
Rest of the world		1,538		1,411		1,679
	$	51,486	$	42,643	$	48,180

All sales are denominated in United States dollars.

The locations and net book value of long-lived assets are as follows:


	March 31,
	2019		2018
	(In thousands)
United States	$	7,707	$	6,576
Taiwan		854		1,443
Israel		440		153
	$	9,001	$	8,172

12. ACQUISITION	12 Months Ended
12. ACQUISITION	Mar. 31, 2019
ACQUISITION
NOTE 12 - ACQUISITION	NOTE 12—ACQUISITION On November 23, 2015, the Company acquired all of the outstanding capital stock of privately held MikaMonu Group Ltd. (“MikaMonu”), a development-stage, Israel-based company that specializes in in-place associative computing for markets including big data, computer vision and cyber security. MikaMonu, located in Tel Aviv, held 12 United States patents and a number of pending patent applications. The acquisition was accounted for as a purchase under authoritative guidance for business combinations. The purchase price of the acquisition was allocated to the intangible assets acquired, with the excess of the purchase price over the fair value of assets acquired recorded as goodwill. The Company performs a goodwill impairment test in February of each fiscal year. Consideration Under the terms of the acquisition agreement, the Company paid the former MikaMonu shareholders initial cash consideration of approximately $4.4 million at the closing on November 23, 2015. In addition, $484,000 was deposited in escrow to provide a fund for potential future indemnification claims by the Company. The majority of this escrow deposit, or $479,000, was paid to the former MikaMonu shareholders in May 2017. The Company is also required to pay the former MikaMonu shareholders future contingent consideration consisting of retention payments and “earnout” payments, as described below. The Company will make cash retention payments of up to an additional $2.5 million to the three former MikaMonu shareholders in installments over a four-year period, conditioned on the continued employment of Dr. Avidan Akerib, MikaMonu’s co-founder and chief technologist. The retention amount of $2.5 million has been deposited in escrow. Of this amount, $1.0 million is included in prepaid expenses and other current assets on the Consolidated Balance Sheet at March 31, 2019 and $743,000 and $750,000 was paid to the former MikaMonu shareholders during the quarters ended December 31, 2017 and 2018, respectively. The Company will also make “earnout” payments to the former MikaMonu shareholders in cash or shares of the Company’s common stock, at the Company’s discretion, during a period of up to ten years following the closing if certain product development milestones and revenue targets for products based on the MikaMonu technology are achieved. Earnout amounts of $750,000 were paid in the fiscal year ended March 31, 2019 based on the achievement of certain product development milestones. Additional earnout amounts of $2.8 million and $4.0 million will be payable if certain revenue milestones are achieved by January 1, 2021 and January 1, 2022, respectively; and additional payments, up to a maximum of $30.0 million, equal to 5% of net revenues from the sale of qualifying products in excess of certain thresholds, will be made quarterly through December 31, 2025. The portion of the retention payment contingently payable to Dr. Akerib (approximately $1.2 million) is being recorded as compensation expense over the period that his services are provided to the Company. The portion of the retention payment contingently payable to the other former MikaMonu shareholders (approximately $1.3 million) plus the maximum amount of the potential earnout payments totals approximately $38.8 million. The Company determined that the fair value of this contingent consideration liability was $5.8 million at the acquisition date. The contingent consideration liability is included in other accrued expenses on the Consolidated Balance Sheet at March 31, 2019 and 2018 in the amount of $3.7 million and $4.4 million, respectively, and is included in accrued expenses and other liabilities at March 31, 2019 and 2018 in the amount of $492,000 and $1.1 million, respectively. The fair value of the contingent consideration liability was initially determined as of the acquisition date using unobservable inputs. These inputs include the estimated amount and timing of future cash flows, the probability of success (achievement of the various contingent events) and a risk-adjusted discount rate of approximately 14.8% used to adjust the probability-weighted cash flows to their present value. Subsequent to the acquisition date, at each reporting period, the contingent consideration liability is re-measured to fair value with changes recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. Re-measurement of the contingent consideration liability resulted in an increase (reduction) in fair value for the years ended March 31, 2019, 2018 and 2017 of ($326,000), ($466,000) and $182,000, respectively.

13. EMPLOYEE BENEFIT PLANS	12 Months Ended
13. EMPLOYEE BENEFIT PLANS	Mar. 31, 2019
EMPLOYEE BENEFIT PLANS
NOTE 13 - EMPLOYEE BENEFIT PLANS	NOTE 13—EMPLOYEE BENEFIT PLANS The Company provides a defined contribution retirement plan (the “Retirement Plan”), which qualifies under Section 401(k) of the Internal Revenue Code of 1986. The Retirement Plan covers essentially all United States employees. Eligible employees may make contributions to the Retirement Plan up to 15% of their annual compensation, but no greater than the annual IRS limitation for any plan year. The Retirement Plan does not provide for Company contributions. The Company provides a defined contribution retirement plan (the “Taiwan Pension Plan”) that covers essentially all of its employees located in Taiwan. The Company makes contributions to the Taiwan Pension Plan equal to 6% of eligible compensation and employees can make voluntary contributions of up to 6% of eligible compensation. All contributions are fully vested. The Company provides a defined contribution retirement plan (the “Pension Plan”) that covers essentially all of its employees located in Israel. Eligible employees may make contributions to the Pension Plan up to 6% of eligible compensation, and the Company contributes up to 15.83% of eligible compensation. All contributions are fully vested.

14. QUARTERLY FINANCIAL DATA

12 Months Ended

Mar. 31, 2019

QUARTERLY FINANCIAL DATA

NOTE 14 - QUARTERLY FINANCIAL DATA (Unaudited)

NOTE 14 —QUARTERLY FINANCIAL DATA (Unaudited)


	Three Months Ended
	June 30,		September 30,			December 31,		March 31,
	2018		2018			2018		2019
	(In thousands, except per share amounts)
Consolidated Statement of Operations Data:
Net revenues	$	11,266		$	12,832	$	14,702	$	12,686
Gross profit	$	5,788		$	8,031	$	10,039	$	7,770
Net income (loss)	$	(1,646)		$	(351)	$	2,262	$	(102)
Net Income (loss) per common share—Basic	$	(0.08)		$	(0.02)	$	0.10	$	—
Net Income (loss) per common share—Diluted	$	(0.08)		$	(0.02)	$	0.10	$	—


	Three Months Ended
	June 30,		September 30,		December 31,		March 31,
	2017		2017		2017		2018
	(In thousands, except per share amounts)
Consolidated Statement of Operations Data:
Net revenues	$	10,687	$	9,647	$	11,118	$	11,191
Gross profit	$	5,604	$	4,858	$	5,675	$	6,289
Net income (loss)	$	(1,512)	$	(1,740)	$	(1,528)	$	265
Net income (loss) per common share—Basic	$	(0.07)	$	(0.08)	$	(0.07)	$	0.01
Net income (loss) per common share—Diluted	$	(0.07)	$	(0.08)	$	(0.07)	$	0.01

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2019

The Company And Summary Of Significant Accounting Policies

Accounting principles

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Basis of consolidation

Use of estimates

Risk and uncertainties

Revenue recognition

Cash and cash equivalents

Short-term and long-term investments

Concentration of credit risk

Inventories

The Company recorded write-downs of excess and obsolete inventories of $1.2 million, $1.6 million and $588,000, respectively, in fiscal 2019, 2018 and 2017.

Property and equipment, net

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as presented below:


Software		3 to 5 years
Computer and other equipment		5 to 10 years
Building and building improvements		10 to 25 years
Furniture and fixtures		7 years

Impairment of long-lived assets

Goodwill and intangible assets

Goodwill is not amortized but is tested for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable.

Research and development

Income taxes

Advertising expense

Advertising costs are charged to expense in the period incurred. Advertising expense was not material for the years ended March 31, 2019, 2018 and 2017, respectively.

Foreign currency transactions

Segments

Accounting for stock-based compensation

Comprehensive income (loss)

Business combinations

Recent accounting pronouncements

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2019

The Company And Summary Of Significant Accounting Policies

Estimated useful lives of property and equipment


Software		3 to 5 years
Computer and other equipment		5 to 10 years
Building and building improvements		10 to 25 years
Furniture and fixtures		7 years

2. REVENUE RECOGNITION (Tables)

12 Months Ended

Mar. 31, 2019

REVENUE RECOGNITION.

Summary of revenue disaggregated by customer type


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Contract manufacturers	$	21,281	$	14,875	$	18,768
Distribution		28,807		26,635		27,716
OEM's		1,398		1,133		1,696
	$	51,486	$	42,643	$	48,180

3. NET INCOME (LOSS) PER COMMON SHARE (Tables)

12 Months Ended

Mar. 31, 2019

NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted net income (loss) per share


	Year Ended March 31,
	2019		2018		2017
	(In thousands, except per share amounts)
Net income (loss)	$	163	$	(4,515)	$	(115)

Denominators:
Weighted average shares—Basic		21,889		21,085		20,652
Dilutive effect of employee stock options		1,453		—		—
Dilutive effect of employee stock purchase plan options		7		—		—
Weighted average shares—Dilutive		23,349		21,085		20,652
Net income (loss) per common share—Basic	$	0.01	$	(0.21)	$	(0.01)
Net income (loss) per common share—Diluted	$	0.01	$	(0.21)	$	(0.01)

Anti-dilutive shares


	Year Ended March 31,
	2019	2018	2017
	(In thousands)
Shares underlying options and ESPP shares	2,108	2,790	5,483

4. BALANCE SHEET DETAIL (Tables)

12 Months Ended

Mar. 31, 2019

BALANCE SHEET DETAIL

Schedule of inventories


	March 31,
	2019		2018
	(In thousands)
Inventories:
Work-in-progress	$	1,983	$	2,226
Finished goods		3,690		3,299
Inventory at distributors		12		22
	$	5,685	$	5,547

Schedule of accounts receivable, net


	March 31,
	2019		2018
	(In thousands)
Accounts receivable, net:
Accounts receivable	$	7,441	$	5,342
Less: Allowances for doubtful accounts and other		(102)		(63)
	$	7,339	$	5,279

Schedule of prepaid expenses and other current assets


	March 31,
	2019		2018
	(In thousands)
Prepaid expenses and other current assets:
Prepaid tooling and masks	$	535	$	163
Prepaid income taxes		39		—
Escrow deposit		1,000		750
Other receivables		321		370
Other prepaid expenses and other current assets		605		797
	$	2,500	$	2,080

Schedule of property and equipment, net


	March 31,
	2019		2018
	(In thousands)
Property and equipment, net:
Computer and other equipment	$	19,086	$	17,845
Software		4,058		4,072
Land		3,900		3,900
Building and building improvements		3,718		2,310
Furniture and fixtures		102		82
Leasehold improvements		848		766
Construction in progress		—		965
		31,712		29,940
Less: Accumulated depreciation		(22,711)		(21,768)
	$	9,001	$	8,172

Schedule of other assets


	March 31,
	2019		2018
	(In thousands)
Other assets:
Escrow deposit	$	—	$	1,000
Non-current deferred income taxes		35		75
Deposits		125		132
	$	160	$	1,207

Schedule of intangible assets

The following table summarizes the components of intangible assets and related accumulated amortization balances at March 31, 2019 and 2018, respectively (in thousands):


	As of March 31, 2019
	Gross Carrying Amount		Accumulated amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590	$	(590)	$	—
Patents		4,220		(1,498)		2,722
Software		80		(80)		—
Total	$	4,890	$	(2,168)	$	2,722


	As of March 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590	$	(590)	$	—
Patents		4,220		(1,231)		2,989
Software		80		(80)		—
Total	$	4,890	$	(1,901)	$	2,989

Estimated future amortization expense of intangible assets

As of March 31, 2019, the estimated future amortization expense of intangible assets in the table above is as follows (in thousands):


Twelve month period ending March 31,
2020	$	233
2021		233
2022		233
2023		233
2024		233
Thereafter		1,557
Total	$	2,722

Schedule of accrued expenses and other liabilities


	March 31,
	2019		2018
	(In thousands)
Accrued expenses and other liabilities:
Accrued compensation	$	4,659	$	2,786
Accrued professional fees		60		31
Accrued commissions		304		299
Contingent consideration		492		1,102
Accrued retention payment		415		291
Miscellaneous accrued expenses		939		1,054
	$	6,869	$	5,563

Other accrued expenses


	March 31,
	2019		2018
	(In thousands)
Other accrued expenses:
Contingent consideration	$	3,713	$	4,411
Other long-term accrued liabilities		—		291
	$	3,713	$	4,702

6. INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2019

INCOME TAXES

Loss before income taxes and provision for income taxes


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Income (loss) before income taxes:
U.S.	$	(5,487)	$	(3,654)	$	(4,938)
Foreign		5,755		(408)		4,889
	$	268	$	(4,062)	$	(49)
Current income tax expense (benefit):
U.S. federal	$	(28)	$	367	$	(14)
Foreign		121		153		736
State		1		1		4
		94		521		726
Deferred income tax expense (benefit):
U.S. federal		13		(90)		14
Foreign		—		22		(674)
State		(2)		—		—
		11		(68)		(660)
Provision for income taxes	$	105	$	453	$	66

Income tax reconciliation


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
U.S. Federal taxes at statutory rate	$	56	$	(1,282)	$	(17)
State taxes, net of federal benefit		(2)		—		3
Deemed repatriation transfer tax		—		5,117		—
Deferred tax re-measurement, change in tax rates		—		1,093		—
Stock-based compensation		(124)		(124)		630
Tax credits		(536)		(417)		(398)
Foreign tax rate differential		117		390		(1,525)
Tax exempt interest		(4)		(8)		(5)
Non-deductible expenses and other		17		97		24
		(476)		4,866		(1,288)
Valuation allowance		581		(4,413)		1,354
	$	105	$	453	$	66

Deferred tax assets and deferred tax liabilities


	March 31,
	2019		2018
	(In thousands)
Deferred tax assets:
Tax credits	$	4,819	$	3,958
Net operating losses		113		104
Stock-based compensation		891		899
Property and equipment		138		268
Other reserves and accruals		776		759
Total deferred tax assets		6,737		5,988
Less valuation allowance		(6,700)		(5,913)
Deferred tax assets, net		37		75
Deferred tax liabilities:
Unrecognized gains		(2)		—
Total deferred tax liabilities		(2)		—
Net deferred tax asset	$	35	$	75

Unrecognized tax benefits


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Unrecognized tax benefits, beginning of period	$	2,735	$	2,714	$	2,055
Additions based on tax positions related to current year		371		520		730
Additions based on tax positions related to prior years		13		—		—
2017 Tax Act and tax rate re-measurement		—		(499)		—
Reductions based on tax positions related to prior years		(17)		—		—
Lapses during the current year applicable to statutes of limitations		—		—		(71)
Unrecognized tax benefits, end of period	$	3,102	$	2,735	$	2,714

7. FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Mar. 31, 2019

FINANCIAL INSTRUMENTS

Schedule of fair value of financial assets measured on a recurring basis

The fair value of financial assets measured on a recurring basis is as follows (in thousands):


			Fair Value Measurements at Reporting Date Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical Assets		Observable		Unobservable
			and Liabilities		Inputs		Inputs
	March 31, 2019		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	4,090	$	4,090	$	—	$	—
Marketable securities		28,343		—		28,343		—
Total	$	32,433	$	4,090	$	28,343	$	—

Liabilities:
Contingent consideration	$	4,206	$	—	$	—	$	4,206


			Fair Value Measurements at Reporting Date Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical Assets		Observable		Unobservable
			and Liabilities		Inputs		Inputs
	March 31, 2018		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	6,788	$	6,788	$	—	$	—
Marketable securities		26,047		—		26,047		—
Total	$	32,835	$	6,788	$	26,047	$	—

Liabilities:
Contingent consideration	$	5,514	$	—	$	—	$	5,514

Schedule of changes in fair value of contingent consideration


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Contingent consideration, beginning of period	$	5,514	$	6,200	$	5,856
Change due to accretion		147		158		161
Re-measurement of contingent consideration		(326)		(466)		183
Payment of contingent consideration		(1,129)		(378)		—
Contingent consideration, end of period	$	4,206	$	5,514	$	6,200

Schedule of available-for-sale investments


	March 31, 2019
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Short-term investments:
Certificates of deposit	$	16,500	$	4		(24)	$	16,480
Supranational obligations		2,867		—		(1)		2,866
Total short-term investments	$	19,367	$	4	$	(25)	$	19,346
Long-term investments:
Certificates of deposit	$	6,000	$	23	$	(4)	$	6,019
Agency bonds		2,968		11		(1)		2,978
Total long-term investments	$	8,968	$	34	$	(5)	$	8,997


	March 31, 2018
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Short-term investments:
Certificates of deposit	$	8,750	$	—	$	(28)	$	8,722
Foreign government obligations		5,428		—		(21)		5,407
Agency bonds		3,996		—		(1)		3,995
Total short-term investments	$	18,174	$	—	$	(50)	$	18,124
Long-term investments:
Certificates of deposit	$	8,000	$	—	$	(77)	$	7,923
Total long-term investments	$	8,000	$	—	$	(77)	$	7,923

Schedule of unrealized losses and fair value of investments


	March 31, 2019
	Less Than 12 Months				12 Months or Greater				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss		Value		Loss
	(In thousands)
Certificates of deposit	$	2,998	$	(2)	$	7,974	$	(26)	$	10,972	$	(28)
Supranational obligations		2,866		(1)		-		-		2,866		(1)
Agency bonds		1,501		(1)		-		-		1,501		(1)
	$	7,365	$	(4)	$	7,974	$	(26)	$	15,339	$	(30)


	March 31, 2018
	Less Than 12 Months				12 Months or Greater				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
		Value		Loss		Value		Loss		Value		Loss
	(In thousands)
Certificates of deposit	$	10,694	$	(56)	$	5,950	$	(49)	$	16,644	$	(105)
Agency bonds		3,995		(1)		-		-		3,995		(1)
Foreign government obligations		4,357		(20)		1,050		(1)		5,407		(21)
	$	19,046	$	(77)	$	7,000	$	(50)	$	26,046	$	(127)

Schedule of contractual maturities of the available-for-sale investments


			Fair
	Cost		Value
	(In thousands)
Maturing within one year	$	19,367	$	19,346
Maturing in one to three years		8,968		8,997
	$	28,335	$	28,343

8. COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Mar. 31, 2019

COMMITMENTS AND CONTINGENCIES

Future minimum lease payments under noncancelable operating leases


	Operating
Fiscal Year Ending March 31,	Leases
	(In thousands)
2020	$	477
2021		338
2022		83
2023		7
Total	$	905

10. STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2019

STOCK-BASED COMPENSATION

Summary of stock option activities


			Weighted
		Number of Shares	Average	Weighted
	Shares	Underlying	Remaining	Average
	Available for	Options	Contractual	Exercise		Intrinsic
	Grant	Outstanding	Life (Years)	Price		Value
Balance at March 31, 2016	6,432,063	7,625,705		$	5.08
Options reserved	1,085,818	—			—
Terminated plan	(705,699)	—			—
Granted	(1,362,798)	1,362,798		$	5.14
Exercised	—	(391,039)		$	3.96	$	855,160
Forfeited	14,801	(974,634)		$	5.53
Balance at March 31, 2017	5,464,185	7,622,830		$	5.09
Granted	(1,029,684)	1,029,684		$	7.28
Exercised	—	(678,897)		$	4.22	$	2,460,812
Forfeited	9,800	(99,350)		$	5.06
Balance at March 31, 2018	4,444,301	7,874,267		$	5.45
Granted	(1,097,893)	1,097,893		$	6.74
Exercised	—	(823,456)		$	4.00	$	2,782,691
Forfeited	80,140	(131,675)		$	5.60
Balance at March 31, 2019	3,426,548	8,017,029	5.57	$	5.77
Options vested and exercisable		4,905,367	3.89	$	5.50	$	11,281,978
Options vested and expected to vest		7,943,690	5.54	$	5.76	$	16,165,270

Schedule of options outstanding by exercise price


				Number of	Options Outstanding			Options Exercisable
				Shares	Weighted		Weighted Average		Weighted
				Underlying	Average		Remaining	Number	Average
				Options	Exercise		Contractual	Vested and	Exercise
Exercise Price				Outstanding	Price		Life (Years)	Exercisable	Price
$	3.38	-	4.00	864,046	$	3.63	3.04	771,339	$	3.66
$	4.17	-	4.90	806,788	$	4.55	3.53	789,463	$	4.55
$	4.92	-	4.99	1,181,766	$	4.98	6.64	273,940	$	4.97
$	5.13	-	5.59	992,004	$	5.31	5.56	906,254	$	5.32
$	5.69	-	6.16	882,372	$	5.93	5.65	543,016	$	5.89
$	6.24	-	6.70	1,422,638	$	6.58	6.08	732,745	$	6.48
$	6.82	-	7.26	1,362,255	$	7.04	6.16	692,985	$	6.91
$	7.40	-	7.88	269,720	$	7.70	9.15	55,518	$	7.50
$	8.09			126,860	$	8.09	8.83	31,527	$	8.09
$	9.20			108,580	$	9.20	1.81	108,580	$	9.20
				8,017,029	$	5.77	5.57	4,905,367	$	5.50

Summary of stock-based compensation expense by line item


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
Cost of revenues	$	234	$	259	$	282
Research and development		1,310		1,141		980
Selling, general and administrative		722		670		615
Total	$	2,266	$	2,070	$	1,877

Schedule of weighted average assumptions


	Year Ended March 31,
	2019				2018				2017

Stock Option Plans:
Risk-free interest rate	2.53	-	2.91	%	1.84	-	2.49	%	1.12	-	1.95	%
Expected life (in years)			5.00				5.00				5.00
Volatility	35.6	-	37.3	%	35.5	-	36.5	%	33.3	-	35.4	%
Dividend yield			—	%			—	%			—	%
Employee Stock Purchase Plan:
Risk-free interest rate	2.09	-	2.5	%	1.04	-	1.42	%	0.38	-	0.45	%
Expected life (in years)			0.50				0.50				0.50
Volatility	32.6	-	37.7	%	38.8	-	51.1	%	30.8	-	39.6	%
Dividend yield			—	%			—	%			—	%

11. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Mar. 31, 2019

SEGMENT AND GEOGRAPHIC INFORMATION

Net revenues by geographic area


	Year Ended March 31,
	2019		2018		2017
	(In thousands)
United States	$	19,327	$	20,690	$	19,708
China		4,458		5,520		9,364
Singapore		7,592		6,878		9,475
Netherlands		11,093		4,375		4,728
Germany		7,478		3,769		3,226
Rest of the world		1,538		1,411		1,679
	$	51,486	$	42,643	$	48,180

Long-lived assets by geographic area


	March 31,
	2019		2018
	(In thousands)
United States	$	7,707	$	6,576
Taiwan		854		1,443
Israel		440		153
	$	9,001	$	8,172

14. QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Mar. 31, 2019

QUARTERLY FINANCIAL DATA

Schedule of quarterly financial data


	Three Months Ended
	June 30,		September 30,			December 31,		March 31,
	2018		2018			2018		2019
	(In thousands, except per share amounts)
Consolidated Statement of Operations Data:
Net revenues	$	11,266		$	12,832	$	14,702	$	12,686
Gross profit	$	5,788		$	8,031	$	10,039	$	7,770
Net income (loss)	$	(1,646)		$	(351)	$	2,262	$	(102)
Net Income (loss) per common share—Basic	$	(0.08)		$	(0.02)	$	0.10	$	—
Net Income (loss) per common share—Diluted	$	(0.08)		$	(0.02)	$	0.10	$	—


	Three Months Ended
	June 30,		September 30,		December 31,		March 31,
	2017		2017		2017		2018
	(In thousands, except per share amounts)
Consolidated Statement of Operations Data:
Net revenues	$	10,687	$	9,647	$	11,118	$	11,191
Gross profit	$	5,604	$	4,858	$	5,675	$	6,289
Net income (loss)	$	(1,512)	$	(1,740)	$	(1,528)	$	265
Net income (loss) per common share—Basic	$	(0.07)	$	(0.08)	$	(0.07)	$	0.01
Net income (loss) per common share—Diluted	$	(0.07)	$	(0.08)	$	(0.07)	$	0.01

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Mar. 31, 2019 USD ($) subsidiary facility customer	Mar. 31, 2018 USD ($) customer	Mar. 31, 2017 USD ($) customer
Basis of consolidation and risks and uncertainties
Number of subsidiaries \| subsidiary	4
Number of principal operations near fault lines \| facility	2
Revenue from revised agreements \| $		$ 2,000,000
Allowance for doubtful accounts receivable write offs \| $	$ 0	$ 0	$ 0
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract	true
Accounts receivable [Member] \| Credit Concentration Risk
Basis of consolidation and risks and uncertainties
Number of customers \| customer	3	4
Accounts receivable [Member] \| Credit Concentration Risk \| Customer One
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	44.00%	26.00%
Accounts receivable [Member] \| Credit Concentration Risk \| Customer Two
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	22.00%	25.00%
Accounts receivable [Member] \| Credit Concentration Risk \| Customer Three
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	17.00%	21.00%
Accounts receivable [Member] \| Credit Concentration Risk \| Customer Four
Basis of consolidation and risks and uncertainties
Percentage attributable to customers		13.00%
Net revenue [Member] \| Customer Concentration Risk
Basis of consolidation and risks and uncertainties
Number of customers \| customer	4	4	4
Net revenue [Member] \| Customer Concentration Risk \| Customer One
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	31.00%	35.00%	26.00%
Net revenue [Member] \| Customer Concentration Risk \| Customer Two
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	22.00%	16.00%	20.00%
Net revenue [Member] \| Customer Concentration Risk \| Customer Three
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	18.00%	16.00%	20.00%
Net revenue [Member] \| Customer Concentration Risk \| Customer Four
Basis of consolidation and risks and uncertainties
Percentage attributable to customers	15.00%	13.00%	10.00%

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PP&E (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Property and equipment, net:
Impairment losses on long-lived equipment	$ 0	$ 0	$ 0
Inventories
Minimum months to determine excess inventory	12 months
Inventory write-downs	$ 1,195	1,561	588
Segments
Number of reporting segments \| segment	1
Accounting for stock-based compensation
Expected life	5 years
Dividend yield (as a percent)	0.00%
Comprehensive income (loss)	$ 268	(4,595)	$ (204)
Income taxes
Valuation allowance	$ 6,700	$ 5,913
Minimum
Property and equipment, net:
Useful life, intangible assets	5 years
Maximum
Property and equipment, net:
Useful life, intangible assets	15 years
Software \| Minimum
Property and equipment, net:
Useful life, property and equipment	3 years
Software \| Maximum
Property and equipment, net:
Useful life, property and equipment	5 years
Computer and other equipment \| Minimum
Property and equipment, net:
Useful life, property and equipment	5 years
Computer and other equipment \| Maximum
Property and equipment, net:
Useful life, property and equipment	10 years
Building and building improvements \| Minimum
Property and equipment, net:
Useful life, property and equipment	10 years
Building and building improvements \| Maximum
Property and equipment, net:
Useful life, property and equipment	25 years
Furniture and fixtures
Property and equipment, net:
Useful life, property and equipment	7 years

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent accounting pronouncements (Details) - ASU 2016-02 - Restatement $ in Millions	Mar. 31, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets, finance lease	$ 0.0
Lease liabilities, finance lease	0.0
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets, operating lease	1.0
Lease liabilities, operating lease	1.0
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets, operating lease	1.2
Lease liabilities, operating lease	$ 1.2

2. REVENUE RECOGNITION (Details)	12 Months Ended
2. REVENUE RECOGNITION (Details)	Mar. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]	true
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true/false]	true
Warranty period	3 years
SRAM products \| Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	99.00%
Sales revenue goods \| Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	45.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	60 days

2. REVENUE RECOGNITION - Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net revenues	$ 12,686	$ 14,702	$ 12,832	$ 11,266	$ 11,191	$ 11,118	$ 9,647	$ 10,687	$ 51,486	$ 42,643	$ 48,180
Contract Manufacturers
Disaggregation of Revenue [Line Items]
Net revenues									21,281	14,875	18,768
Distribution
Disaggregation of Revenue [Line Items]
Net revenues									28,807	26,635	27,716
OEM's
Disaggregation of Revenue [Line Items]
Net revenues									$ 1,398	$ 1,133	$ 1,696

3. NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Net income (loss)								$ 163	$ (4,515)	$ (115)
Weighted average shares - Basic								21,889	21,085	20,652
Weighted average shares - Dilutive								23,349	21,085	20,652
Net income (loss) per common share - Basic	$ 0.10	$ (0.02)	$ (0.08)	$ 0.01	$ (0.07)	$ (0.08)	$ (0.07)	$ 0.01	$ (0.21)	$ (0.01)
Net income (loss) per common share - Diluted	$ 0.10	$ (0.02)	$ (0.08)	$ 0.01	$ (0.07)	$ (0.08)	$ (0.07)	$ 0.01	$ (0.21)	$ (0.01)
Employee stock options
Dilutive effect of options								1,453
Employee stock purchase plan options
Dilutive effect of options								7

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

3. NET INCOME (LOSS) PER COMMON SHARE - Shares underlying options (Details) - shares shares in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
NET INCOME (LOSS) PER COMMON SHARE
Shares underlying options and ESPP shares	2,108	2,790	5,483

4. BALANCE SHEET DETAIL - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Inventories:
Work-in-progress	$ 1,983	$ 2,226
Finished goods	3,690	3,299
Inventory at distributors	12	22
Total inventory	$ 5,685	$ 5,547

4. BALANCE SHEET DETAIL - Accounts receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Accounts receivable, net:
Accounts receivable	$ 7,441	$ 5,342
Less: Allowances for doubtful accounts and other	(102)	(63)
Total accounts receivable, net	$ 7,339	$ 5,279

4. BALANCE SHEET DETAIL - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Prepaid expenses and other current assets:
Prepaid tooling and masks	$ 535	$ 163
Prepaid income taxes	39
Escrow deposit	1,000	750
Other receivables	321	370
Other prepaid expenses and other current assets	605	797
Total prepaid expenses and other current assets	$ 2,500	$ 2,080

4. BALANCE SHEET DETAIL - Property and equipment, net (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Property and equipment, net:
Property and equipment, gross	$ 31,712,000	$ 29,940,000
Less: Accumulated depreciation	(22,711,000)	(21,768,000)
Total property and equipment, net	9,001,000	8,172,000
Depreciation	1,200,000	934,000	$ 1,200,000
Computer and other equipment
Property and equipment, net:
Property and equipment, gross	19,086,000	17,845,000
Software
Property and equipment, net:
Property and equipment, gross	4,058,000	4,072,000
Land
Property and equipment, net:
Property and equipment, gross	3,900,000	3,900,000
Building and building improvements
Property and equipment, net:
Property and equipment, gross	3,718,000	2,310,000
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	102,000	82,000
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	$ 848,000	766,000
Construction in progress
Property and equipment, net:
Property and equipment, gross		$ 965,000

4. BALANCE SHEET DETAIL - Other assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Other assets:
Escrow deposit		$ 1,000
Non-current deferred income taxes	$ 35	75
Deposits	125	132
Total other assets	$ 160	$ 1,207

4. BALANCE SHEET DETAIL - Intangible assets (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Gross Carrying Amount	$ 4,890,000	$ 4,890,000
Accumulated Amortization	(2,168,000)	(1,901,000)
Total	2,722,000	2,989,000
Amortization of intangible assets	267,000	313,000	$ 349,000
Product designs
Gross Carrying Amount	590,000	590,000
Accumulated Amortization	(590,000)	(590,000)
Patents
Gross Carrying Amount	4,220,000	4,220,000
Accumulated Amortization	(1,498,000)	(1,231,000)
Total	2,722,000	2,989,000
Software.
Gross Carrying Amount	80,000	80,000
Accumulated Amortization	$ (80,000)	$ (80,000)

4. BALANCE SHEET DETAIL - Future amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Fiscal year ending March 31,
2020	$ 233
2021	233
2022	233
2023	233
2024	233
Thereafter	1,557
Total	$ 2,722	$ 2,989

4. BALANCE SHEET DETAIL - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Accrued expenses and other liabilities:
Accrued compensation	$ 4,659	$ 2,786
Accrued professional fees	60	31
Accrued commissions	304	299
Contingent consideration	492	1,102
Accrued retention payment	415	291
Miscellaneous accrued expenses	939	1,054
Total accrued expenses and other liabilities	$ 6,869	$ 5,563

4. BALANCE SHEET DETAIL - Other accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Other accrued expenses:
Contingent consideration	$ 3,713	$ 4,411
Other long-term accrued liabilities		291
Total other accrued expenses	$ 3,713	$ 4,702

5. GOODWILL (Details)	12 Months Ended
5. GOODWILL (Details)	Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)
GOODWILL
Number of reporting units \| segment	1
Goodwill	$ 7,978,000	$ 7,978,000
Goodwill impairment	$ 0

6. INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Income (loss) before income taxes:
U.S.	$ (5,487)	$ (3,654)	$ (4,938)
Foreign	5,755	(408)	4,889
Income (loss) before income taxes	268	(4,062)	(49)
Current income tax expense (benefit):
U.S. federal	(28)	367	(14)
Foreign	121	153	736
State	1	1	4
Current income tax expense (benefit)	94	521	726
Deferred income tax expense (benefit):
U.S. federal	13	(90)	14
Foreign		22	(674)
State	(2)
Deferred income tax expense (benefit)	11	(68)	(660)
Provision for income taxes	$ 105	$ 453	$ 66

6. INCOME TAXES - Statutory income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
INCOME TAXES
U.S. Federal taxes at statutory rate	$ 56	$ (1,282)	$ (17)
State taxes, net of federal benefit	(2)		3
Deemed repatriation transfer tax		5,117
Deferred tax re-measurement, change in tax rates		1,093
Stock-based compensation	(124)	(124)	630
Tax credits	(536)	(417)	(398)
Foreign tax rate differential	117	390	(1,525)
Tax exempt interest	(4)	(8)	(5)
Non-deductible expenses and other	17	97	24
Income tax expense (benefit) before change in valuation allowance	(476)	4,866	(1,288)
Valuation allowance	581	(4,413)	1,354
Provision for income taxes	$ 105	$ 453	$ 66

6. INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Deferred tax assets:
Tax credits	$ 4,819	$ 3,958
Net operating losses	113	104
Stock-based compensation	891	899
Property and equipment	138	268
Other reserves and accruals	776	759
Total deferred tax assets	6,737	5,988
Less valuation allowance	(6,700)	(5,913)
Total deferred tax assets	37	75
Deferred tax liabilities:
Unrecognized gains	(2)
Total deferred tax liabilities	(2)
Net deferred tax assets	35	$ 75
Deferred tax liabilities, undistributed foreign earnings	$ 0

6. INCOME TAXES - Unrecognized tax benefits (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
INCOME TAXES
Unrecognized tax benefits, noncurrent	$ 622,000	$ 619,000
Deferred tax assets unrecognized tax benefit	2,500,000	2,100,000
Deferred tax assets, gross	6,737,000	5,988,000
Net deferred tax assets	35,000	75,000
Less valuation allowance	(6,700,000)	(5,913,000)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning of period	2,735,000	2,714,000	$ 2,055,000
Additions based on tax positions related to current year	371,000	520,000	730,000
Additions based on tax positions related to prior years	13,000
2017 Tax Act and tax rate re-measurement		(499,000)
Reductions based on tax positions related to prior years	(17,000)
Lapses during the current year applicable to statutes of limitations			(71,000)
Unrecognized tax benefits, end of period	3,102,000	$ 2,735,000	$ 2,714,000
Unrecognized tax benefit that would impact effective tax rate	$ 599,000

6. INCOME TAXES - Tax Cuts and Jobs Act (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2018
Corporate income tax rate	35.00%	21.00%	21.00%
Tax expense, one-time transition tax			$ 367,000
Possible reduction in uncertain tax benefits		$ 0
Valuation allowance		6,700,000	$ 5,913,000
Federal
Net operating loss carryforwards for income tax purposes		0
Tax credit carryforwards for income tax purposes		2,300,000
State
Net operating loss carryforwards for income tax purposes		2,500,000
Tax credit carryforwards for income tax purposes		$ 3,200,000

7. FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Fair value measurements
Short-term investments	$ 19,346,000	$ 18,124,000
Long-term investments	8,997,000	7,923,000
Level 2 \| Marketable securities
Fair value measurements
Short-term investments	19,300,000
Long-term investments	9,000,000
Other accrued expenses
Fair value measurements
Contingent consideration liability	3,700,000	4,400,000
Accrued expenses and other liabilities
Fair value measurements
Contingent consideration liability	492,000	1,100,000
Recurring
Fair value measurements
Assets	32,433,000	32,835,000
Liabilities	4,206,000	5,514,000
Recurring \| Money market funds
Fair value measurements
Money market funds	4,090,000	6,788,000
Recurring \| Marketable securities
Fair value measurements
Marketable securities	28,343,000	26,047,000
Recurring \| Level 1
Fair value measurements
Assets	4,090,000	6,788,000
Recurring \| Level 1 \| Money market funds
Fair value measurements
Money market funds	4,090,000	6,788,000
Recurring \| Level 2
Fair value measurements
Assets	28,343,000	26,047,000
Recurring \| Level 2 \| Marketable securities
Fair value measurements
Marketable securities	28,343,000	26,047,000
Recurring \| Level 3
Fair value measurements
Liabilities	$ 4,206,000	$ 5,514,000

7. FINANCIAL INSTRUMENTS - Change in contingent consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Changes in fair value of contingent consideration
Contingent consideration, beginning of period	$ 5,514	$ 6,200	$ 5,856
Change due to accretion	147	158	161
Re-measurement of contingent consideration	(326)	(466)	183
Payment of contingent consideration	(1,129)	(378)
Contingent consideration, end of period	$ 4,206	$ 5,514	$ 6,200

7. FINANCIAL INSTRUMENTS - Available-for-sale investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Available-for-sale investments
Cost	$ 28,335
Total	28,343
Short-term investments
Available-for-sale investments
Cost	19,367	$ 18,174
Gross Unrealized Gains	4
Gross Unrealized Losses	(25)	(50)
Total	19,346	18,124
Short-term investments \| Agency bonds
Available-for-sale investments
Cost		3,996
Gross Unrealized Losses		(1)
Total		3,995
Short-term investments \| Supranational obligations
Available-for-sale investments
Cost	2,867
Gross Unrealized Losses	(1)
Total	2,866
Short-term investments \| Foreign government obligations
Available-for-sale investments
Cost		5,428
Gross Unrealized Losses		(21)
Total		5,407
Short-term investments \| Certificates of deposit
Available-for-sale investments
Cost	16,500	8,750
Gross Unrealized Gains	4
Gross Unrealized Losses	(24)	(28)
Total	16,480	8,722
Long-term investment
Available-for-sale investments
Cost	8,968	8,000
Gross Unrealized Gains	34
Gross Unrealized Losses	(5)	(77)
Total	8,997	7,923
Long-term investment \| Agency bonds
Available-for-sale investments
Cost	2,968
Gross Unrealized Gains	11
Gross Unrealized Losses	(1)
Total	2,978
Long-term investment \| Certificates of deposit
Available-for-sale investments
Cost	6,000	8,000
Gross Unrealized Gains	23
Gross Unrealized Losses	(4)	(77)
Total	$ 6,019	$ 7,923

7. FINANCIAL INSTRUMENTS - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Fair Value
Less Than 12 Months, Fair Value	$ 7,365	$ 19,046
12 Months or Greater, Fair Value	7,974	7,000
Total, Fair Value	15,339	26,046
Unrealized Loss
Less Than 12 Months, Unrealized Loss	4	77
12 Months or Greater, Unrealized Loss	26	50
Total, Unrealized Loss	30	127
Certificates of deposit
Fair Value
Less Than 12 Months, Fair Value	2,998	10,694
12 Months or Greater, Fair Value	7,974	5,950
Total, Fair Value	10,972	16,644
Unrealized Loss
Less Than 12 Months, Unrealized Loss	2	56
12 Months or Greater, Unrealized Loss	26	49
Total, Unrealized Loss	28	105
Supranational obligations
Fair Value
Less Than 12 Months, Fair Value	2,866
Total, Fair Value	2,866
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1
Total, Unrealized Loss	1
Agency bonds
Fair Value
Less Than 12 Months, Fair Value	1,501	3,995
Total, Fair Value	1,501	3,995
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1	1
Total, Unrealized Loss	$ 1	1
Foreign government obligations
Fair Value
Less Than 12 Months, Fair Value		4,357
12 Months or Greater, Fair Value		1,050
Total, Fair Value		5,407
Unrealized Loss
Less Than 12 Months, Unrealized Loss		20
12 Months or Greater, Unrealized Loss		1
Total, Unrealized Loss		$ 21

7. FINANCIAL INSTRUMENTS - Other Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other information
Maximum maturity period of investment portfolio	3 years
Deferred tax liability related to unrecognized gains and losses on short-term and long-term investments	$ 2,000
Deferred tax asset related to unrecognized gains and losses on short-term and long-term investments		$ 29,000

7. FINANCIAL INSTRUMENTS - Contractual maturities (Details) $ in Thousands	Mar. 31, 2019 USD ($)
FINANCIAL INSTRUMENTS
Maturing within one year, Cost	$ 19,367
Maturing in one to three years, Cost	8,968
Total	28,335
Maturing within one year, Fair Value	19,346
Maturing in one to three years, Fair Value	8,997
Total	$ 28,343

8. COMMITMENTS AND CONTINGENCIES - Operating leases (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES
Rent expense	$ 566,000	$ 527,000	$ 504,000
Future minimum lease payments
2020	477,000
2021	338,000
2022	83,000
2023	7,000
Total	$ 905,000

8. COMMITMENTS AND CONTINGENCIES - Product warranties (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES
Royalty expense	$ 34,000	$ 46,000	$ 35,000
Product warranties
Warranty period	3 years

9. COMMON STOCK (Details) - $ / shares	Mar. 31, 2019	Mar. 31, 2018
COMMON STOCK.
Common stock, shares authorized	150,000,000	150,000,000
Common stock, par value	$ 0.001	$ 0.001

9. COMMON STOCK - Dutch auction (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 06, 2014	Mar. 31, 2019	Mar. 31, 2017
Repurchase of common stock, amount		$ 103	$ 7,112
Modified Dutch Auction
Repurchase of common stock, shares	3,846,153
Treasury stock acquired cost per share	$ 6.50
Repurchase of common stock, amount	$ 25,000

9. COMMON STOCK - Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2017
Share repurchase program
Repurchase of common stock, amount	$ 103	$ 7,112
Common shares
Share repurchase program
Repurchase of common stock, shares	12,004,779
Treasury stock acquired cost per share	$ 5.06
Repurchase of common stock, amount	$ 60,700
Remaining authorized amount to be repurchased	$ 4,300

10. STOCK-BASED COMPENSATION (Details)	1 Months Ended	12 Months Ended
10. STOCK-BASED COMPENSATION (Details)	Jun. 30, 2016 shares	Mar. 31, 2019 USD ($) item shares	Mar. 31, 2018 shares	Mar. 31, 2017 shares	Mar. 31, 2007 shares
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		1,097,893	1,029,684	1,362,798
2007 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Maximum shares authorized					3,000,000
Maximum annual plan shares authorized reserve increase percentage		5.00%
Granted (in shares)		0
2007 Equity Incentive Plan \| Non Officer Employee
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage		25.00%
2007 Equity Incentive Plan \| Officer
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period		4 years
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for future award	6,000,000
Previously authorized shares cancelled (in shares)	705,699
Maximum shares subject to stock options and stock appreciation rights granted per employee per fiscal year		300,000
Maximum shares subject to stock restricted stock and restricted stock unit awards granted per employee per fiscal year		100,000
Maximum shares subject to performance share awards granted per employee per fiscal year		50,000
Maximum amount subject to performance unit awards granted per employee per fiscal year \| $		$ 500,000
Maximum amount subject to cash-based or other stock-based awards granted per employee per fiscal year \| $		$ 500,000
Maximum shares subject to cash-based or other stock-based awards granted per employee per fiscal year		50,000
2016 Equity Incentive Plan \| Non Officer Employee
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage		25.00%
2016 Equity Incentive Plan \| Officer
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period		4 years
2016 Equity Incentive Plan \| Director
Share-based Compensation Arrangement by Share-based Payment Award
Maximum total fair market value of a share \| $		$ 150,000
2007 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Maximum shares authorized					500,000
Maximum annual plan shares authorized reserve increase percentage		1.00%
Maximum annual plan shares authorized reserve share increase		250,000
Minimum hours to work per week to qualify for the Employee Stock Purchase Plan \| item		20
Minimum number of months per year needed to work to qualify for the Employee Stock Purchase Plan		5 months
Maximum percentage stock ownership to qualify for the Employee Stock Purchase Plan		5.00%
Maximum annual purchase rights per employee per year to enable granting of additional rights \| $		$ 25,000
Offering period length		6 months
Exercise price percentage of fair value of shares		85.00%
Maximum share purchase per employee per offering period number of shares multiplier		1,000
Maximum share purchase per employee per offering period value multiplier		2,083.33
2007 Employee Stock Purchase Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Offering period length		27 months

10. STOCK-BASED COMPENSATION - Stock options activities (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
STOCK-BASED COMPENSATION
Shares available for grant, Beginning	4,444,301	5,464,185	6,432,063
Options reserved (in shares)			1,085,818
Terminated plan (in shares)			(705,699)
Granted (in shares)	(1,097,893)	(1,029,684)	(1,362,798)
Forfeited (in shares)	80,140	9,800	14,801
Shares available for grant, Ending	3,426,548	4,444,301	5,464,185
Number of Shares Underlying Options Outstanding
Balance at the beginning of the period (in shares)	7,874,267	7,622,830	7,625,705
Granted (in shares)	1,097,893	1,029,684	1,362,798
Exercised (in shares)	(823,456)	(678,897)	(391,039)
Forfeited (in shares)	(131,675)	(99,350)	(974,634)
Balance at the end of the period (in shares)	8,017,029	7,874,267	7,622,830
Options vested and exercisable (in shares)	4,905,367
Options vested and expected to vest (in shares)	7,943,690
Weighted Average Remaining Contractual Life
Options weighted average remaining contractual life	5 years 6 months 26 days
Options vested and exercisable	3 years 10 months 21 days
Options vested and expected to vest	5 years 6 months 15 days
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 5.45	$ 5.09	$ 5.08
Granted (in dollars per share)	6.74	7.28	5.14
Exercised (in dollars per share)	4.00	4.22	3.96
Forfeited (in dollars per share)	5.60	5.06	5.53
Balance at the end of the period (in dollars per share)	5.77	$ 5.45	$ 5.09
Options vested and exercisable (in dollars per share)	5.50
Options vested and expected to vest (in dollars per share)	$ 5.76
Intrinsic Value
Exercised (in dollars)	$ 2,782,691	$ 2,460,812	$ 855,160
Options vested and exercisable (in dollars)	11,281,978
Options vested and expected to vest (in dollars)	$ 16,165,270

10. STOCK-BASED COMPENSATION - Options outstanding by exercise price (Details) - $ / shares	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 5.77	$ 5.45	$ 5.09	$ 5.08
Number of Shares Underlying Options Outstanding (in shares)	8,017,029
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.77
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 6 months 26 days
Options Exercisable, Number Vested and Exercisable (in shares)	4,905,367
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.50
$3.38 - $4.00
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	3.38
Exercise Price, high end of range (in dollars per share)	$ 4.00
Number of Shares Underlying Options Outstanding (in shares)	864,046
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 3.63
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 15 days
Options Exercisable, Number Vested and Exercisable (in shares)	771,339
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 3.66
$4.17 - $4.90
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.17
Exercise Price, high end of range (in dollars per share)	$ 4.90
Number of Shares Underlying Options Outstanding (in shares)	806,788
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.55
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 6 months 11 days
Options Exercisable, Number Vested and Exercisable (in shares)	789,463
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.55
$4.92 - $4.99
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.92
Exercise Price, high end of range (in dollars per share)	$ 4.99
Number of Shares Underlying Options Outstanding (in shares)	1,181,766
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.98
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 7 months 21 days
Options Exercisable, Number Vested and Exercisable (in shares)	273,940
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.97
$5.13 - $5.59
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	5.13
Exercise Price, high end of range (in dollars per share)	$ 5.59
Number of Shares Underlying Options Outstanding (in shares)	992,004
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.31
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 6 months 22 days
Options Exercisable, Number Vested and Exercisable (in shares)	906,254
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.32
$5.69 - $6.16
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	5.69
Exercise Price, high end of range (in dollars per share)	$ 6.16
Number of Shares Underlying Options Outstanding (in shares)	882,372
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.93
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 7 months 24 days
Options Exercisable, Number Vested and Exercisable (in shares)	543,016
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.89
$6.24 - $6.70
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6.24
Exercise Price, high end of range (in dollars per share)	$ 6.70
Number of Shares Underlying Options Outstanding (in shares)	1,422,638
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.58
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 29 days
Options Exercisable, Number Vested and Exercisable (in shares)	732,745
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.48
$6.82 - $7.26
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	6.82
Exercise Price, high end of range (in dollars per share)	$ 7.26
Number of Shares Underlying Options Outstanding (in shares)	1,362,255
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.04
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 1 month 28 days
Options Exercisable, Number Vested and Exercisable (in shares)	692,985
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.91
$7.40 - $7.88
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	7.40
Exercise Price, high end of range (in dollars per share)	$ 7.88
Number of Shares Underlying Options Outstanding (in shares)	269,720
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.70
Options Outstanding, Weighted Average Remaining Contractual Life	9 years 1 month 24 days
Options Exercisable, Number Vested and Exercisable (in shares)	55,518
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 7.50
$8.09
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 8.09
Number of Shares Underlying Options Outstanding (in shares)	126,860
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.09
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 9 months 29 days
Options Exercisable, Number Vested and Exercisable (in shares)	31,527
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.09
$9.20
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 9.20
Number of Shares Underlying Options Outstanding (in shares)	108,580
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.20
Options Outstanding, Weighted Average Remaining Contractual Life	1 year 9 months 22 days
Options Exercisable, Number Vested and Exercisable (in shares)	108,580
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 9.20

10. STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation expense by line item
Stock-based compensation expense	$ 2,266,000	$ 2,070,000	$ 1,877,000
Cost of revenues
Stock-based compensation expense by line item
Stock-based compensation expense	234,000	259,000	282,000
Research and development
Stock-based compensation expense by line item
Stock-based compensation expense	1,310,000	1,141,000	980,000
Selling, general and administrative
Stock-based compensation expense by line item
Stock-based compensation expense	722,000	670,000	615,000
2007 Employee Stock Purchase Plan
Stock-based compensation expense by line item
Stock-based compensation expense	$ 211,000	$ 207,000	$ 150,000

10. STOCK-BASED COMPENSATION - Weighted average assumptions (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation
Expected life	5 years
Dividend yield (as a percent)	0.00%
Other information
Income tax benefit recognized from allocation of share-based compensation expense	$ 0	$ 0
Windfall tax benefits realized	0	$ 0
Unrecognized compensation costs	$ 4,500,000
Weighted average period of recognition of unrecognized compensation costs	1 year 11 months 9 days
Weighted average fair value per underlying share of options granted (in dollars per share)	$ 2.44	$ 2.54	$ 1.66
Employee stock options
Stock-based compensation
Risk-free interest rate, low end of range (as a percent)	2.53%	1.84%	1.12%
Risk-free interest rate, high end of range (as a percent)	2.91%	2.49%	1.95%
Expected life	5 years	5 years	5 years
Volatility, low end of range (as a percent)	35.60%	35.50%	33.30%
Volatility, high end of range (as a percent)	37.30%	36.50%	35.40%
Employee stock purchase plan options
Stock-based compensation
Risk-free interest rate, low end of range (as a percent)	2.09%	1.04%	0.38%
Risk-free interest rate, high end of range (as a percent)	2.50%	1.42%	0.45%
Expected life	6 months	6 months	6 months
Volatility, low end of range (as a percent)	32.60%	38.80%	30.80%
Volatility, high end of range (as a percent)	37.70%	51.10%	39.60%

11. SEGMENT AND GEOGRAPHIC INFORMATION - Revenue (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Net revenues and long-lived assets by geographic area
Net revenues	$ 12,686	$ 14,702	$ 12,832	$ 11,266	$ 11,191	$ 11,118	$ 9,647	$ 10,687	$ 51,486	$ 42,643	$ 48,180
Number of reporting units \| segment									1
United States
Net revenues and long-lived assets by geographic area
Net revenues									$ 19,327	20,690	19,708
China
Net revenues and long-lived assets by geographic area
Net revenues									4,458	5,520	9,364
Singapore
Net revenues and long-lived assets by geographic area
Net revenues									7,592	6,878	9,475
Netherlands
Net revenues and long-lived assets by geographic area
Net revenues									11,093	4,375	4,728
Germany
Net revenues and long-lived assets by geographic area
Net revenues									7,478	3,769	3,226
Rest of the world
Net revenues and long-lived assets by geographic area
Net revenues									$ 1,538	$ 1,411	$ 1,679

11. SEGMENT AND GEOGRAPHIC INFORMATION - Long-lived assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Net revenues and long-lived assets by geographic area
Long-lived assets	$ 9,001	$ 8,172
United States
Net revenues and long-lived assets by geographic area
Long-lived assets	7,707	6,576
Taiwan
Net revenues and long-lived assets by geographic area
Long-lived assets	854	1,443
Israel
Net revenues and long-lived assets by geographic area
Long-lived assets	$ 440	$ 153

12. ACQUISITION (Details)		1 Months Ended	3 Months Ended		12 Months Ended
12. ACQUISITION (Details)	Nov. 23, 2015 USD ($) patent	May 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Other accrued expenses
Acquisition disclosure
Contingent consideration liability					$ 3,700,000	$ 4,400,000
Accrued expenses and other liabilities
Acquisition disclosure
Contingent consideration liability					492,000	1,100,000
MikaMonu
Acquisition disclosure
Cash paid for acquisition	$ 4,400,000
Amount of payment held in escrow	484,000
Payment of escrow deposit		$ 479,000	$ 750,000	$ 743,000
Potential cash retention payments	$ 2,500,000
Discount rate (as a percent)	14.80%
Change in contingent consideration liability					(326,000)	(466,000)	$ 182,000
MikaMonu \| Prepaid expenses and other current assets
Acquisition disclosure
Amount of payment held in escrow					1,000,000
MikaMonu \| Other accrued expenses
Acquisition disclosure
Contingent consideration liability	$ 5,800,000				3,700,000	4,400,000
MikaMonu \| Accrued expenses and other liabilities
Acquisition disclosure
Contingent consideration liability					492,000	$ 1,100,000
MikaMonu \| United States
Acquisition disclosure
Number of patents held \| patent	12
MikaMonu \| Continued employment of Dr. Avidan Akerib
Acquisition disclosure
Amount of payment held in escrow	$ 2,500,000
Contingent consideration	1,200,000
MikaMonu \| Product development milestones and revenue targets
Acquisition disclosure
Contingent consideration					1,300,000
MikaMonu \| Product development milestones and revenue targets \| Maximum
Acquisition disclosure
Contingent consideration					38,800,000
MikaMonu \| Product development milestones and revenue targets \| Accrued expenses and other liabilities
Acquisition disclosure
Contingent consideration					$ 750,000
MikaMonu \| Revenue milestones to be achieved by January, 1 2021
Acquisition disclosure
Contingent consideration	2,800,000
MikaMonu \| Revenue milestones to be achieved by January, 1 2022
Acquisition disclosure
Contingent consideration	4,000,000
MikaMonu \| Quarterly payments based on net revenue \| Maximum
Acquisition disclosure
Contingent consideration	$ 30,000,000
Contingent consideration, percent of net revenue	5.00%

13. EMPLOYEE BENEFIT PLANS (Details)	12 Months Ended
13. EMPLOYEE BENEFIT PLANS (Details)	Mar. 31, 2019
United States
Defined Contribution Plan Disclosure [Line Items]
Maximum amount employee can contribute (as a percent)	15.00%
Taiwan
Defined Contribution Plan Disclosure [Line Items]
Maximum amount employee can contribute (as a percent)	6.00%
Maximum amount employer can contribute (as a percent)	6.00%
Israel
Defined Contribution Plan Disclosure [Line Items]
Maximum amount employee can contribute (as a percent)	6.00%
Maximum amount employer can contribute (as a percent)	15.83%

14. QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statement of Operations Data:
Net revenues	$ 12,686	$ 14,702	$ 12,832	$ 11,266	$ 11,191	$ 11,118	$ 9,647	$ 10,687	$ 51,486	$ 42,643	$ 48,180
Gross profit	7,770	10,039	8,031	5,788	6,289	5,675	4,858	5,604	31,628	22,426	26,416
Net income (loss)	$ (102)	$ 2,262	$ (351)	$ (1,646)	$ 265	$ (1,528)	$ (1,740)	$ (1,512)	$ 163	$ (4,515)	$ (115)
Net income (loss) per common share - Basic		$ 0.10	$ (0.02)	$ (0.08)	$ 0.01	$ (0.07)	$ (0.08)	$ (0.07)	$ 0.01	$ (0.21)	$ (0.01)
Net income (loss) per common share - Diluted		$ 0.10	$ (0.02)	$ (0.08)	$ 0.01	$ (0.07)	$ (0.08)	$ (0.07)	$ 0.01	$ (0.21)	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details