View Filing Data

4. BALANCE SHEET DETAIL - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Prepaid expenses and other current assets:
Prepaid tooling and masks	$ 988	$ 535
Prepaid income taxes	24	39
Escrow deposit		1,000
Other receivables	273	321
Other prepaid expenses and other current assets	1,263	605
Total prepaid expenses and other current assets	$ 2,548	$ 2,500

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
ASSETS
Cash and cash equivalents	$ 47,971	$ 42,495
Short-term investments	20,343	19,346
Accounts receivable, net	5,398	7,339
Inventories	4,521	5,685
Prepaid expenses and other current assets	2,548	2,500
Total current assets	80,781	77,365
Property and equipment, net	8,355	9,001
Operating lease right-of-use assets	766
Long-term investments	5,322	8,997
Goodwill	7,978	7,978
Intangible assets, net	2,547	2,722
Other assets	162	160
Total assets	105,911	106,223
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	1,138	1,864
Lease liabilities, current	575
Accrued expenses and other liabilities	7,301	6,869
Total current liabilities	9,014	8,733
Income taxes payable	627	622
Lease liabilities, non-current	230
Contingent consideration, non-current	3,793	3,713
Total liabilities	13,664	13,068
Commitments and contingencies (Note 9)
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: 23,132,998 and 22,320,156 shares, respectively	23	22
Additional paid-in capital	39,012	33,462
Accumulated other comprehensive income (loss)	17	(37)
Retained earnings	53,195	59,708
Total stockholders' equity	92,247	93,155
Total liabilities and stockholders' equity	$ 105,911	$ 106,223

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Net income (loss)	$ (4,620)	$ 2,262	$ (6,513)	$ 265
Net unrealized gain (loss) on available-for-sale investments	(11)	18	54	34
Total comprehensive income (loss)	$ (4,631)	$ 2,280	$ (6,459)	$ 299

- Definition

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

+ References + Details

8. LEASES - Other information (Details) $ in Thousands	9 Months Ended
8. LEASES - Other information (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 488
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 1,228
Weighted-average remaining lease term (years) - Operating leases	1 year 6 months
Weighted-average discount rate - Operating leases	6.46%

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 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 Basis of presentation The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. The consolidated results of operations for the nine months ended December 31, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year. Significant accounting policies Except for the accounting policy for leases, which was updated as a result of adopting a new accounting standard related to leases, there have been no material changes to our significant accounting policies that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. See “Recent accounting pronouncements” below for additional information on the impact of the adoption of the new accounting standard for leases on the Company’s consolidated financial statements. Recent accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have upon its financial position and results of operations, if any. In August 2018, 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’s first presentation of changes in stockholders' equity was included in the 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 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 Leases (Topic 840) ("ASC 840"), including the disclosure requirements of ASC 840. The Company adopted Topic 842 as of April 1, 2019 and applied the modified retrospective approach to all leases existing at, or entered into on or after, the date of adoption of April 1, 2019. The Company did not restate comparative periods, as permitted by ASU 2018-11, and elected the package of practical expedients permitted under the transition guidance within the new standard and did not reassess whether any contracts that existed prior to adoption have or contain leases or the classification of existing leases. Further, the Company made 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. As a result of adoption of this standard and election of the transition practical expedients, the Company recognized right-of-use (“ROU”) assets and lease liabilities for those leases classified as operating leases under ASC Topic 840 that continued to be classified as operating leases under ASC Topic 842 at the date of initial application. The Company does not have any leases classified as a capital lease under ASC 840 and therefore has no leases classified as a “finance lease” under the new standard. In applying the alternative modified retrospective transition method, the Company measured lease liabilities at the present value of the sum of remaining minimum rental payments (as defined under ASC Topic 840). The present value of lease liabilities has been measured using the Company’s incremental borrowing rates as of April 1, 2019 (the date of initial application). Additionally, ROU assets for these operating leases have been measured as the initial measurement of applicable lease liabilities adjusted for any prepaid or accrued rent. Upon adoption of Topic 842, the Company recognized ROU assets of approximately $1.1 million and lease liabilities of approximately $1.1 million on the Company’s Condensed Consolidated Balance Sheets as of April 1, 2019, with no material impact to its Condensed Consolidated Statements of Operations.

7. FINANCIAL INSTRUMENTS - Contractual maturities (Details) $ in Thousands	Dec. 31, 2019 USD ($)
FINANCIAL INSTRUMENTS
Maturing within one year, Cost	$ 20,293
Maturing in one to three years, Cost	5,296
Total	25,589
Maturing within one year, Fair Value	20,343
Maturing in one to three years, Fair Value	5,322
Total	$ 25,665

8. LEASES

9 Months Ended

Dec. 31, 2019

LEASES

NOTE 8 - LEASES

NOTE 8—LEASES

The Company has operating leases for corporate offices, research and development facilities, certain equipment and software. The Company’s leases have remaining lease terms of 8 months to 28 months, some of which include options to extend for up to 5 years.

Supplemental balance sheet information related to leases was as follows:


	As of
	December 31, 2019
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	766

Lease liabilities-current	$	575
Lease liabilities-non-current		230
Total operating lease liabilities	$	805

The following table provides the details of lease costs:


	Three months ended		Nine months ended
	December 31, 2019		December 31, 2019
		(In thousands)		(In thousands)
Operating lease cost	$	164	$	483
Short-term lease cost		7		21
	$	171	$	504

The following table provides other information related to leases:


	Nine months ended
	December 31, 2019
	(Amounts in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	488

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	1,228

Weighted-average remaining lease term (years):
Operating leases		1.5

Weighted-average discount rate:
Operating leases		6.46%

The following table provides the maturities of the Company’s operating lease liabilities as of December 31, 2019:


	Operating Lease
	Liabilities
Fiscal Year	(In thousands)
2020 (Remaining three months)	$	162
2021		526
2022		149
2023		7
Total undiscounted future cash flows		844
Less: Imputed interest		(39)
Present value of undiscounted future cash flows	$	805

Presentation on statement of financial position
Current	$	575
Non-current	$	230

The following table provides the future minimum lease payments under noncancelable operating leases with lease terms in excess of one year at March 31, 2019 in accordance with ASC 840:


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

Rent expense for the three months and nine months ended December 31, 2018 was $154,000 and $415,000, 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.

8. LEASES - Maturity of lease liabilities (Details) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019	Apr. 01, 2019	Mar. 31, 2019
Maturity of Lease Liabilities
2020 (Remaining three months)			$ 162,000
2021			526,000
2022			149,000
2023			7,000
Total			844,000
Less: Imputed interest			(39,000)
Total operating lease liabilities			805,000	$ 1,100,000
Current			575,000
Non-current			$ 230,000
Future minimum lease payments
2020					$ 477,000
2021					338,000
2022					83,000
2023					7,000
Total					$ 905,000
Rent expense	$ 154,000	$ 415,000

7. FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Dec. 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
	December 31, 2019		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	7,358	$	7,358	$	—	$	—
Marketable securities		25,665		—		25,665		—
Total	$	33,023	$	7,358	$	25,665	$	—

Liabilities:
Contingent consideration	$	3,793	$	—	$	—	$	3,793


			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

Schedule of changes in fair value of contingent consideration


	Nine Months Ended December 31,
	2019		2018
	(In thousands)
Contingent consideration, beginning of period	$	4,206	$	5,514
Change due to accretion		87		111
Payment of contingent consideration		(500)		(1,129)
Contingent consideration, end of period	$	3,793	$	4,496

Schedule of available-for-sale investments


	December 31, 2019
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Short-term investments:
Certificates of deposit	$	13,500	$	32		—	$	13,532
Agency bonds		6,793		18				6,811
Total short-term investments	$	20,293	$	50	$	—	$	20,343
Long-term investments:
Certificates of deposit	$	1,990	$	29	$	—	$	2,019
Agency bonds		2,033		—		(2)		2,031
Supranational obligations		1,273		—		(1)		1,272
Total long-term investments	$	5,296	$	29	$	(3)	$	5,322


	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

Schedule of unrealized losses and fair value of investments


	December 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	$	2,250	$	(1)	$		$	—	$	2,250	$	(1)
Supranational obligations		1,272		—		—		—		1,272		—
Agency bonds		2,031		(2)		—		—		2,031		(2)
	$	5,553	$	(3)	$	—	$	—	$	5,553	$	(3)


	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)

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


			Fair
	Cost		Value
	(In thousands)
Maturing within one year	$	20,293	$	20,343
Maturing in one to three years		5,296		5,322
	$	25,589	$	25,665

7. FINANCIAL INSTRUMENTS - Change in contingent consideration (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in fair value of contingent consideration
Contingent consideration, beginning of period	$ 4,206	$ 5,514
Change due to accretion	87	111
Payment of contingent consideration	(500)	(1,129)
Contingent consideration, end of period	$ 3,793	$ 4,496

4. BALANCE SHEET DETAIL (Tables)

9 Months Ended

Dec. 31, 2019

BALANCE SHEET DETAIL

Schedule of inventories



	December 31, 2019		March 31, 2019
	(In thousands)
Inventories:
Work-in-progress	$	1,791	$	1,983
Finished goods		2,727		3,690
Inventory at distributors		3		12
	$	4,521	$	5,685

Schedule of accounts receivable, net



	December 31, 2019		March 31, 2019
	(In thousands)
Accounts receivable, net:
Accounts receivable	$	5,468	$	7,441
Less: Allowances for doubtful accounts and other		(70)		(102)
	$	5,398	$	7,339

Schedule of prepaid expenses and other current assets



	December 31, 2019		March 31, 2019
	(In thousands)
Prepaid expenses and other current assets:
Prepaid tooling and masks	$	988	$	535
Prepaid income taxes		24		39
Escrow deposit		—		1,000
Other receivables		273		321
Other prepaid expenses and other current assets		1,263		605
	$	2,548	$	2,500

Schedule of property and equipment, net



	December 31, 2019		March 31, 2019
	(In thousands)
Property and equipment, net:
Computer and other equipment	$	18,156	$	19,086
Software		4,066		4,058
Land		3,900		3,900
Building and building improvements		3,726		3,718
Furniture and fixtures		102		102
Leasehold improvements		872		848
		30,822		31,712
Less: Accumulated depreciation		(22,467)		(22,711)
	$	8,355	$	9,001

Schedule of other assets



	December 31, 2019		March 31, 2019
	(In thousands)
Other assets:
Non-current deferred income taxes		34		35
Deposits		128		125
	$	162	$	160

Schedule of intangible assets

The following tables summarize the components of intangible assets and related accumulated amortization balances at December 31, 2019 and March 31, 2019 (in thousands):


	As of December 31, 2019
	Gross Carrying Amount		Accumulated amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590	$	(590)	$	—
Patents		4,220		(1,673)		2,547
Software		80		(80)		—
Total	$	4,890	$	(2,343)	$	2,547


	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

Estimated future amortization expense of intangible assets

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


Fiscal year ending March 31,
2020 (3 months remaining)	$	58
2021		233
2022		233
2023		233
2024		233
Thereafter		1,557
Total	$	2,547

Schedule of accrued expenses and other liabilities



	December 31, 2019		March 31, 2019
	(In thousands)
Accrued expenses and other liabilities:
Accrued compensation	$	3,674	$	4,659
Purchased intellectual property		2,432		—
Accrued professional fees		7		60
Accrued commissions		355		304
Contingent consideration		—		492
Accrued retention payment		—		415
Miscellaneous accrued expenses		833		939
	$	7,301	$	6,869

8. LEASES - Operating leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Apr. 01, 2019
Leases
Operating lease, option to extend	true
Operating lease, renewal term	5 years
Operating lease right-of-use assets	$ 766	$ 1,100
Lease liabilities, current	575
Lease liabilities, non-current	230
Total operating lease liabilities	$ 805	$ 1,100
Minimum
Leases
Operating lease, term of lease	8 months
Maximum
Leases
Operating lease, term of lease	28 months

10. STOCK-BASED COMPENSATION - Stock option activities (Details)	9 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
STOCK-BASED COMPENSATION
Shares available for grant, Beginning	3,426,548
Granted (in shares)	(850,798)
Forfeited (in shares)	71,974
Shares available for grant, Ending	2,647,724
Number of Shares Underlying Options Outstanding
Balance at the beginning of the period (in shares)	8,017,029
Granted (in shares)	850,798
Exercised (in shares)	(676,379)
Forfeited (in shares)	(80,779)
Balance at the end of the period (in shares)	8,110,669
Options vested and exercisable (in shares)	5,166,480
Options vested and expected to vest (in shares)	8,033,620
Weighted Average Remaining Contractual Life
Options weighted average remaining contractual life	5 years 7 months 10 days
Options vested and exercisable	4 years 29 days
Options vested and expected to vest	5 years 6 months 29 days
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 5.77
Granted (in dollars per share) \| $ / shares	8.12
Exercised (in dollars per share) \| $ / shares	4.25
Forfeited (in dollars per share) \| $ / shares	7.30
Balance at the end of the period (in dollars per share) \| $ / shares	6.13
Options vested and exercisable (in dollars per share) \| $ / shares	5.66
Options vested and expected to vest (in dollars per share) \| $ / shares	$ 6.12
Intrinsic Value
Exercised (in dollars) \| $	$ 2,377,744
Options vested and exercisable (in dollars) \| $	7,711,084
Options vested and expected to vest (in dollars) \| $	$ 9,230,693

10. STOCK-BASED COMPENSATION - Options outstanding by exercise price (Details) - $ / shares	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 6.13	$ 5.77
Number of Shares Underlying Options Outstanding (in shares)	8,110,669
Options Exercisable, Number Vested and Exercisable (in shares)	5,166,480
$3.40 - $4.81
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	$ 3.40
Exercise Price, high end of range (in dollars per share)	$ 4.81
Number of Shares Underlying Options Outstanding (in shares)	944,806
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.07
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 2 months 19 days
Options Exercisable, Number Vested and Exercisable (in shares)	927,602
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.08
$4.90 - $4.99
Options outstanding by exercise price
Exercise Price, low end of range (in dollars per share)	4.90
Exercise Price, high end of range (in dollars per share)	$ 4.99
Number of Shares Underlying Options Outstanding (in shares)	1,339,096
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.97
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 4 months 21 days
Options Exercisable, Number Vested and Exercisable (in shares)	897,247
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.96
$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)	959,726
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.31
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 8 months 16 days
Options Exercisable, Number Vested and Exercisable (in shares)	917,001
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)	853,297
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.93
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 8 months 16 days
Options Exercisable, Number Vested and Exercisable (in shares)	662,608
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 5.91
$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)	1,403,175
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 6.58
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 4 months 6 days
Options Exercisable, Number Vested and Exercisable (in shares)	788,255
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.49
$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)	1,314,685
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.05
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 6 months
Options Exercisable, Number Vested and Exercisable (in shares)	737,638
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.93
$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)	482,551
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 7.67
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 10 months 24 days
Options Exercisable, Number Vested and Exercisable (in shares)	84,245
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 7.63
$8.09
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 8.09
Number of Shares Underlying Options Outstanding (in shares)	86,860
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.09
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 29 days
Options Exercisable, Number Vested and Exercisable (in shares)	43,304
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 8.09
$8.30
Options outstanding by exercise price
Exercise Price (in dollars per share)	$ 8.30
Number of Shares Underlying Options Outstanding (in shares)	617,893
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 8.30
Options Outstanding, Weighted Average Remaining Contractual Life	9 years 6 months 29 days
$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 29 days
Options Exercisable, Number Vested and Exercisable (in shares)	108,580
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 9.20

7. FINANCIAL INSTRUMENTS - Unrealized losses and fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Fair Value
Less Than 12 Months, Fair Value	$ 5,553	$ 7,365
12 Months or Greater, Fair Value		7,974
Total, Fair Value	5,553	15,339
Unrealized Loss
Less Than 12 Months, Unrealized Loss	3	4
12 Months or Greater, Unrealized Loss		26
Total, Unrealized Loss	3	30
Certificates of deposit
Fair Value
Less Than 12 Months, Fair Value	2,250	2,998
12 Months or Greater, Fair Value		7,974
Total, Fair Value	2,250	10,972
Unrealized Loss
Less Than 12 Months, Unrealized Loss	1	2
12 Months or Greater, Unrealized Loss		26
Total, Unrealized Loss	1	28
Supranational obligations
Fair Value
Less Than 12 Months, Fair Value	1,272	2,866
Total, Fair Value	1,272	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	2,031	1,501
Total, Fair Value	2,031	1,501
Unrealized Loss
Less Than 12 Months, Unrealized Loss	2	1
Total, Unrealized Loss	$ 2	$ 1

11. RELATED PARTY TRANSACTION	9 Months Ended
11. RELATED PARTY TRANSACTION	Dec. 31, 2019
RELATED PARTY TRANSACTION
NOTE 11 - RELATED PARTY TRANSACTION	NOTE 11—RELATED PARTY TRANSACTION The Company incurred non-recurring engineering service expense of approximately $16,000 and $243,000, respectively, during the three months and nine months ended December 31, 2019 from Wistron Neweb Corp (“WNC”) in connection with the design and development and delivery of prototypes of a 167mm single-APU PCIe board, Gemini I™, to be used in the Company’s in-place associative computing product, Haydn Hsieh, a member of the Company’s board of directors, is the Chairman and Chief Strategy Officer of WNC.

7. FINANCIAL INSTRUMENTS - Other information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
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	$ 17,000	$ 2,000

6. INCOME TAXES	9 Months Ended
6. INCOME TAXES	Dec. 31, 2019
INCOME TAXES
NOTE 6 - INCOME TAXES	NOTE 6—INCOME TAXES The current portion of the Company’s unrecognized tax benefits was $0 at both December 31, 2019 and March 31, 2019. The long-term portion at December 31, 2019 and March 31, 2019 was $627,000 and $622,000, respectively, of which the timing of the resolution is uncertain. As of December 31, 2019, $2.5 million of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets. As of December 31, 2019, the Company’s net deferred tax assets of $8.3 million were subject to a valuation allowance of $8.2 million. As of March 31, 2019, the Company’s net deferred tax assets of $6.7 million were subject to a valuation allowance of $6.7 million. Management believes that within the next twelve months the Company will not have a significant reduction in uncertain tax benefits, including interest and penalties, related to positions taken with respect to credits and loss carryforwards on previously filed tax returns. The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Condensed Consolidated Statements of Operations. The Company is subject to taxation in the United States and various state and foreign jurisdictions. Fiscal years 2013 through 2019 remain open to examination by federal tax authorities, and fiscal years 2012 through 2019 remain open to examination by California tax authorities. The Company’s estimated annual effective income tax rate, excluding discrete items, was approximately (2.2%) and (22.6%) as of December 31, 2019 and 2018, respectively. The annual effective tax rates as of December 31, 2019 and 2018 vary from the United States statutory income tax rate primarily due to valuation allowances in the United States, whereby pre-tax losses do not result in the recognition of corresponding income tax benefits and expenses and the foreign tax differential.

2. REVENUE RECOGNITION (Tables)

9 Months Ended

Dec. 31, 2019

REVENUE RECOGNITION.

Summary of revenue disaggregated by customer type


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
	(In thousands)
Contract manufacturers	$	3,022	$	6,699	$	11,745	$	16,122
Distribution		6,603		7,764		21,346		21,982
OEMs		424		239		1,717		696
	$	10,049	$	14,702	$	34,808	$	38,800

7. FINANCIAL INSTRUMENTS

9 Months Ended

Dec. 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 disclosures. 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 December 31, 2019, the Level 1 category included money market funds of $7.4 million, which were included in cash and cash equivalents on the Condensed 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 December 31, 2019, the Level 2 category included short-term investments $20.3 million and long-term investments of $5.3 million, which were comprised of certificates of deposit, government 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 December 31, 2019, the Company’s Level 3 financial instruments measured at fair value on the Condensed Consolidated Balance Sheets consisted of the contingent consideration liability related to the acquisition of MikaMonu. The fair value of the contingent consideration liability was initially determined as of the acquisition date using unobservable inputs. These inputs included 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 Condensed Consolidated Statements of Operations. The contingent consideration liability is included in contingent consideration, non-current on the Consolidated Balance Sheet at December 31, 2019 and March 31, 2019 in the amount of $3.8 million and $3.7 million, respectively, and is included in accrued expenses and other liabilities at March 31, 2019 in the amount of $492,000.

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
	December 31, 2019		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	7,358	$	7,358	$	—	$	—
Marketable securities		25,665		—		25,665		—
Total	$	33,023	$	7,358	$	25,665	$	—

Liabilities:
Contingent consideration	$	3,793	$	—	$	—	$	3,793


			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

The following table sets forth the changes in fair value of contingent consideration for the nine months ended December 31, 2019 or December 31, 2018:


	Nine Months Ended December 31,
	2019		2018
	(In thousands)
Contingent consideration, beginning of period	$	4,206	$	5,514
Change due to accretion		87		111
Payment of contingent consideration		(500)		(1,129)
Contingent consideration, end of period	$	3,793	$	4,496

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) in the Condensed Consolidated Balance Sheets. The Company had money market funds of $7.4 million and $4.1 million at December 31, 2019 and March 31, 2019, respectively, included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary.

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


	December 31, 2019
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In thousands)
Short-term investments:
Certificates of deposit	$	13,500	$	32		—	$	13,532
Agency bonds		6,793		18				6,811
Total short-term investments	$	20,293	$	50	$	—	$	20,343
Long-term investments:
Certificates of deposit	$	1,990	$	29	$	—	$	2,019
Agency bonds		2,033		—		(2)		2,031
Supranational obligations		1,273		—		(1)		1,272
Total long-term investments	$	5,296	$	29	$	(3)	$	5,322


	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

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 December 31, 2019 and March 31, 2019, respectively.


	December 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	$	2,250	$	(1)	$		$	—	$	2,250	$	(1)
Supranational obligations		1,272		—		—		—		1,272		—
Agency bonds		2,031		(2)		—		—		2,031		(2)
	$	5,553	$	(3)	$	—	$	—	$	5,553	$	(3)


	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)

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.

The deferred tax liability related to unrecognized gains and losses on short-term and long-term investments was $(17,000) and $(2,000) at December 31, 2019 and March 31, 2019, respectively.

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


			Fair
	Cost		Value
	(In thousands)
Maturing within one year	$	20,293	$	20,343
Maturing in one to three years		5,296		5,322
	$	25,589	$	25,665

The Company classifies its short-term investments as “available-for-sale” as they are intended to be available for use in current operations.

9. COMMITMENTS AND CONTINGENCIES - Product warranties (Details)	9 Months Ended
	Dec. 31, 2019
Product warranties
Warranty period	3 years

4. BALANCE SHEET DETAIL - Future amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Fiscal year ending March 31,
2020 (3 months remaining)	$ 58
2021	233
2022	233
2023	233
2024	233
Thereafter	1,557
Total	$ 2,547	$ 2,722

4. BALANCE SHEET DETAIL - Accounts receivable, net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Accounts receivable, net:
Accounts receivable	$ 5,468	$ 7,441
Less: Allowances for doubtful accounts and other	(70)	(102)
Total accounts receivable, net	$ 5,398	$ 7,339

5. GOODWILL (Details)	3 Months Ended	9 Months Ended
5. GOODWILL (Details)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) segment
GOODWILL
Number of reporting units \| segment		1
Goodwill	$ 7,978,000	$ 7,978,000
Goodwill impairment	$ 0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2019	Jan. 31, 2020
Document And Entity Information
Entity Registrant Name	GSI TECHNOLOGY INC
Entity Central Index Key	0001126741
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Trading Symbol	GSIT
Amendment Flag	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,157,748

3. NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Net income (loss)	$ (4,620)	$ 2,262	$ (6,513)	$ 265
Weighted average shares - Basic	23,096	21,979	22,894	21,798
Weighted average shares - Dilutive	23,096	22,769	22,894	23,139
Net income (loss) per common share - Basic	$ (0.20)	$ 0.10	$ (0.28)	$ 0.01
Net income (loss) per common share - Diluted	$ (0.20)	$ 0.10	$ (0.28)	$ 0.01
Employee stock options
Dilutive effect of options		784		1,335
Employee stock purchase plan options
Dilutive effect of options		6		6

- Definition

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

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- 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.

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+ Details

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2019
The Company And Summary Of Significant Accounting Policies
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein. The Company believes that the disclosures are adequate to make the information not misleading. However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. The consolidated results of operations for the nine months ended December 31, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year.
Significant accounting policies	Significant accounting policies Except for the accounting policy for leases, which was updated as a result of adopting a new accounting standard related to leases, there have been no material changes to our significant accounting policies that were disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2019. See “Recent accounting pronouncements” below for additional information on the impact of the adoption of the new accounting standard for leases on the Company’s consolidated financial statements.
Recent accounting pronouncements	Recent accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” as part of its initiative to reduce complexity in the accounting standards. The standard eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have upon its financial position and results of operations, if any. In August 2018, 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’s first presentation of changes in stockholders' equity was included in the 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 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 Leases (Topic 840) ("ASC 840"), including the disclosure requirements of ASC 840. The Company adopted Topic 842 as of April 1, 2019 and applied the modified retrospective approach to all leases existing at, or entered into on or after, the date of adoption of April 1, 2019. The Company did not restate comparative periods, as permitted by ASU 2018-11, and elected the package of practical expedients permitted under the transition guidance within the new standard and did not reassess whether any contracts that existed prior to adoption have or contain leases or the classification of existing leases. Further, the Company made 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. As a result of adoption of this standard and election of the transition practical expedients, the Company recognized right-of-use (“ROU”) assets and lease liabilities for those leases classified as operating leases under ASC Topic 840 that continued to be classified as operating leases under ASC Topic 842 at the date of initial application. The Company does not have any leases classified as a capital lease under ASC 840 and therefore has no leases classified as a “finance lease” under the new standard. In applying the alternative modified retrospective transition method, the Company measured lease liabilities at the present value of the sum of remaining minimum rental payments (as defined under ASC Topic 840). The present value of lease liabilities has been measured using the Company’s incremental borrowing rates as of April 1, 2019 (the date of initial application). Additionally, ROU assets for these operating leases have been measured as the initial measurement of applicable lease liabilities adjusted for any prepaid or accrued rent. Upon adoption of Topic 842, the Company recognized ROU assets of approximately $1.1 million and lease liabilities of approximately $1.1 million on the Company’s Condensed Consolidated Balance Sheets as of April 1, 2019, with no material impact to its Condensed Consolidated Statements of Operations.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Mar. 31, 2019
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	23,132,998	22,320,156
Common stock, shares outstanding	23,132,998	22,320,156

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (6,513)	$ 265
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Allowance for doubtful accounts and other	(32)	40
Provision for excess and obsolete inventories	260	874
Non-cash lease expense	462
Depreciation and amortization	1,079	1,073
Stock-based compensation	1,922	1,686
Amortization of premium on investments	(14)	(25)
Changes in assets and liabilities:
Accounts receivable	1,973	(2,921)
Inventory	904	(1,276)
Prepaid expenses and other assets	(1,064)	(219)
Accounts payable	(728)	532
Accrued expenses and other liabilities	531	768
Net cash provided by (used in) operating activities	(1,220)	797
Cash flows from investing activities:
Purchase of investments	(15,866)	(16,057)
Maturities of short-term investments	18,626	15,423
Decrease in MikaMonu escrow deposit	1,000	750
Purchases of property and equipment	(265)	(1,948)
Net cash provided by (used in) investing activities	3,495	(1,832)
Cash flows from financing activities:
Payment of contingent consideration		(720)
Payment of MikaMonu escrow deposit	(428)	(364)
Repurchase of common stock		(102)
Proceeds from issuance of common stock under employee stock plans	3,629	2,509
Net cash provided by financing activities	3,201	1,323
Net increase in cash and cash equivalents	5,476	288
Cash and cash equivalents at beginning of the period	42,495	40,241
Cash and cash equivalents at end of the period	47,971	40,529
Non-cash financing activities:
Purchases of property and equipment through accounts payable and accruals	24	34
Supplemental cash flow information:
Net cash paid for income taxes	$ 310	$ 11

4. BALANCE SHEET DETAIL - Intangible assets (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Gross Carrying Amount	$ 4,890,000		$ 4,890,000		$ 4,890,000
Accumulated Amortization	(2,343,000)		(2,343,000)		(2,168,000)
Total	2,547,000		2,547,000		2,722,000
Amortization of intangible assets	58,000	$ 58,000	175,000	$ 208,000
Product designs
Gross Carrying Amount	590,000		590,000		590,000
Accumulated Amortization	(590,000)		(590,000)		(590,000)
Patents
Gross Carrying Amount	4,220,000		4,220,000		4,220,000
Accumulated Amortization	(1,673,000)		(1,673,000)		(1,498,000)
Total	2,547,000		2,547,000		2,722,000
Software.
Gross Carrying Amount	80,000		80,000		80,000
Accumulated Amortization	$ (80,000)		$ (80,000)		$ (80,000)

8. LEASES (Tables)

9 Months Ended

Dec. 31, 2019

LEASES

Summary of balance sheet information related to leases


	As of
	December 31, 2019
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	766

Lease liabilities-current	$	575
Lease liabilities-non-current		230
Total operating lease liabilities	$	805

Summary of components of lease costs


	Three months ended		Nine months ended
	December 31, 2019		December 31, 2019
		(In thousands)		(In thousands)
Operating lease cost	$	164	$	483
Short-term lease cost		7		21
	$	171	$	504

Summary of other information related to leases


	Nine months ended
	December 31, 2019
	(Amounts in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	488

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	1,228

Weighted-average remaining lease term (years):
Operating leases		1.5

Weighted-average discount rate:
Operating leases		6.46%

Summary of maturities of the lease liabilities


	Operating Lease
	Liabilities
Fiscal Year	(In thousands)
2020 (Remaining three months)	$	162
2021		526
2022		149
2023		7
Total undiscounted future cash flows		844
Less: Imputed interest		(39)
Present value of undiscounted future cash flows	$	805

Presentation on statement of financial position
Current	$	575
Non-current	$	230

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

4. BALANCE SHEET DETAIL - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Inventories:
Work-in-progress	$ 1,791	$ 1,983
Finished goods	2,727	3,690
Inventory at distributors	3	12
Total inventory	$ 4,521	$ 5,685

10. STOCK-BASED COMPENSATION

9 Months Ended

Dec. 31, 2019

STOCK-BASED COMPENSATION

NOTE 10 - STOCK-BASED COMPENSATION

NOTE 10—STOCK-BASED COMPENSATION

As of December 31, 2019, 2,647,724 shares of common stock were available for grant under the Company’s 2016 Equity Incentive Plan.

The following table summarizes the Company’s stock option activities for the nine months ended December 31, 2019:


			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, 2019	3,426,548	8,017,029		$	5.77
Granted	(850,798)	850,798		$	8.12
Exercised	—	(676,379)		$	4.25	$	2,377,744
Forfeited	71,974	(80,779)		$	7.30
Balance at December 31, 2019	2,647,724	8,110,669	5.61	$	6.13
Options vested and exercisable		5,166,480	4.08	$	5.66	$	7,711,084
Options vested and expected to vest		8,033,620	5.58	$	6.12	$	9,230,693

The weighted average fair value per underlying share of options granted during the three months ended December 31, 2019 and 2018 was $2.66 and $2.16, respectively, and $2.84 and $2.39 for the nine months ended December 31, 2019 and 2018, respectively.

Options outstanding by exercise price at December 31, 2019 were 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
$	3.40	-	4.81	944,806	$	4.07	4.22	927,602	$	4.08
$	4.90	-	4.99	1,339,096	$	4.97	5.39	897,247	$	4.96
$	5.13	-	5.59	959,726	$	5.31	4.71	917,001	$	5.32
$	5.69	-	6.16	853,297	$	5.93	4.71	662,608	$	5.91
$	6.24	-	6.70	1,403,175	$	6.58	5.35	788,255	$	6.49
$	6.82	-	7.26	1,314,685	$	7.05	5.50	737,638	$	6.93
$	7.40	-	7.88	482,551	$	7.67	8.90	84,245	$	7.63
$	8.09			86,860	$	8.09	8.08	43,304	$	8.09
$	8.30			617,893	$	8.30	9.58	-	$	-
$	9.20			108,580	$	9.20	1.08	108,580	$	9.20
				8,110,669	$			5,166,480	$

The following table summarizes stock-based compensation expense by line item in the Condensed Consolidated Statements of Operations, all relating to employee stock plans:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
				(In Thousands)
Cost of revenues	$	77	$	71	$	184	$	185
Research and development		347		330		1,143		974
Selling, general and administrative		205		191		595		527
Total	$	629	$	592	$	1,922	$	1,686

As stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures in accordance with authoritative guidance. The Company estimates forfeitures at the time of grant and revises the original estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

No tax benefit related to stock-based compensation was recognized in the nine months ended December 31, 2019 due to a full valuation allowance. There were no windfall tax benefits realized from exercised stock options in either of these periods. Compensation cost capitalized within inventory at December 31, 2019 was immaterial. As of December 31, 2019, the Company’s total unrecognized compensation cost was $5.1 million, which will be recognized over a weighted average period of 2.03 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:


	Three Months Ended December 31,								Nine Months Ended December 31,
	2019			2018					2019				2018

Stock Option Plans:
Risk-free interest rate		1.66	%		2.91	%	1.66	-	2.30	%	2.78	-	2.91	%
Expected life (in years)		5.00			5.00				5.00				5.00
Volatility		36.5	%		36.4	%	36.5	-	37.3	%	35.6	-	36.4	%
Dividend yield		—	%		—	%			—	%			—	%
Employee Stock Purchase Plan:
Risk-free interest rate		1.58	%		2.50	%	1.58	-	2.43	%	2.09	-	2.50	%
Expected life (in years)		0.50			0.50				0.50				0.50
Volatility		33.5	%		32.6	%	33.5	-	43.1	%	32.6	-	37.7	%
Dividend yield		—	%		—	%			—	%			—	%

10. STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Dec. 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, 2019	3,426,548	8,017,029		$	5.77
Granted	(850,798)	850,798		$	8.12
Exercised	—	(676,379)		$	4.25	$	2,377,744
Forfeited	71,974	(80,779)		$	7.30
Balance at December 31, 2019	2,647,724	8,110,669	5.61	$	6.13
Options vested and exercisable		5,166,480	4.08	$	5.66	$	7,711,084
Options vested and expected to vest		8,033,620	5.58	$	6.12	$	9,230,693

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
$	3.40	-	4.81	944,806	$	4.07	4.22	927,602	$	4.08
$	4.90	-	4.99	1,339,096	$	4.97	5.39	897,247	$	4.96
$	5.13	-	5.59	959,726	$	5.31	4.71	917,001	$	5.32
$	5.69	-	6.16	853,297	$	5.93	4.71	662,608	$	5.91
$	6.24	-	6.70	1,403,175	$	6.58	5.35	788,255	$	6.49
$	6.82	-	7.26	1,314,685	$	7.05	5.50	737,638	$	6.93
$	7.40	-	7.88	482,551	$	7.67	8.90	84,245	$	7.63
$	8.09			86,860	$	8.09	8.08	43,304	$	8.09
$	8.30			617,893	$	8.30	9.58	-	$	-
$	9.20			108,580	$	9.20	1.08	108,580	$	9.20
				8,110,669	$			5,166,480	$

Summary of stock-based compensation expense by line item


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
				(In Thousands)
Cost of revenues	$	77	$	71	$	184	$	185
Research and development		347		330		1,143		974
Selling, general and administrative		205		191		595		527
Total	$	629	$	592	$	1,922	$	1,686

Schedule of weighted average assumptions


	Three Months Ended December 31,								Nine Months Ended December 31,
	2019			2018					2019				2018

Stock Option Plans:
Risk-free interest rate		1.66	%		2.91	%	1.66	-	2.30	%	2.78	-	2.91	%
Expected life (in years)		5.00			5.00				5.00				5.00
Volatility		36.5	%		36.4	%	36.5	-	37.3	%	35.6	-	36.4	%
Dividend yield		—	%		—	%			—	%			—	%
Employee Stock Purchase Plan:
Risk-free interest rate		1.58	%		2.50	%	1.58	-	2.43	%	2.09	-	2.50	%
Expected life (in years)		0.50			0.50				0.50				0.50
Volatility		33.5	%		32.6	%	33.5	-	43.1	%	32.6	-	37.7	%
Dividend yield		—	%		—	%			—	%			—	%

9. COMMITMENTS AND CONTINGENCIES	9 Months Ended
9. COMMITMENTS AND CONTINGENCIES	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
NOTE 9 - COMMITMENTS AND CONTINGENCIES	NOTE 9—COMMITMENTS AND CONTINGENCIES 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 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 that may be required 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. Product warranties 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 December 31, 2019 and March 31, 2019 and for the three and nine months ended December 31, 2019 or 2018.

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

9 Months Ended

Dec. 31, 2019

NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted net income (loss) per share


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
	(In thousands, except per share amounts)
Net income (loss)	$	(4,620)	$	2,262	$	(6,513)	$	265

Denominators:
Weighted average shares—Basic		23,096		21,979		22,894		21,798
Dilutive effect of employee stock options		—		784		—		1,335
Dilutive effect of employee stock purchase plan options		—		6		—		6
Weighted average shares—Dilutive		23,096		22,769		22,894		23,139
Net income (loss) per common share—Basic	$	(0.20)	$	0.10	$	(0.28)	$	0.01
Net income (loss) per common share—Diluted	$	(0.20)	$	0.10	$	(0.28)	$	0.01

Anti-dilutive shares


	Three Months Ended December 31,		Nine Months Ended December 31,
	2019	2018	2019	2018
		(In thousands)
Shares underlying options and ESPP shares	4,048	3,961	3,762	2,470

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement
Net revenues	$ 10,049	$ 14,702	$ 34,808	$ 38,800
Cost of revenues	4,000	4,663	13,948	14,942
Gross profit	6,049	10,039	20,860	23,858
Operating expenses:
Research and development	8,208	5,171	19,636	15,773
Selling, general and administrative	2,584	2,632	8,119	7,902
Total operating expenses	10,792	7,803	27,755	23,675
Income (loss) from operations	(4,743)	2,236	(6,895)	183
Interest income, net	190	195	610	488
Other income (expense), net	17	(99)	(46)	(224)
Income (loss) before income taxes	(4,536)	2,332	(6,331)	447
Provision for income taxes	84	70	182	182
Net income (loss)	$ (4,620)	$ 2,262	$ (6,513)	$ 265
Net income (loss) per share:
Basic	$ (0.20)	$ 0.10	$ (0.28)	$ 0.01
Diluted	$ (0.20)	$ 0.10	$ (0.28)	$ 0.01
Weighted average shares used in per share calculations:
Basic	23,096	21,979	22,894	21,798
Diluted	23,096	22,769	22,894	23,139

10. STOCK-BASED COMPENSATION - Weighted average assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Other information
Income tax benefit recognized from allocation of share-based compensation expense			$ 0
Windfall tax benefits realized			0
Unrecognized compensation costs	$ 5,100		$ 5,100
Weighted average period of recognition of unrecognized compensation costs			2 years 11 days
Weighted average fair value per underlying share of options granted (in dollars per share)	$ 2.66	$ 2.16	$ 2.84	$ 2.39
Employee stock options
Stock-based compensation
Risk-free interest rate (as a percent)	1.66%	2.91%
Risk-free interest rate, low end of range (as a percent)			1.66%	2.78%
Risk-free interest rate, high end of range (as a percent)			2.30%	2.91%
Expected life	5 years	5 years	5 years	5 years
Volatility (as a percent)	36.50%	36.40%
Volatility, low end of range (as a percent)			36.50%	35.60%
Volatility, high end of range (as a percent)			37.30%	36.40%
Employee stock purchase plan options
Stock-based compensation
Risk-free interest rate (as a percent)	1.58%	2.50%
Risk-free interest rate, low end of range (as a percent)			1.58%	2.09%
Risk-free interest rate, high end of range (as a percent)			2.43%	2.50%
Expected life	6 months	6 months	6 months	6 months
Volatility (as a percent)	33.50%	32.60%
Volatility, low end of range (as a percent)			33.50%	32.60%
Volatility, high end of range (as a percent)			43.10%	37.70%

12. SEGMENT AND GEOGRAPHIC INFORMATION

9 Months Ended

Dec. 31, 2019

SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 12 - SEGMENT AND GEOGRAPHIC INFORMATION

NOTE 12—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:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
	(In thousands)
United States	$	4,408	$	4,442	$	12,794	$	13,261
China		1,221		1,374		4,590		3,391
Singapore		766		1,186		5,538		6,207
Netherlands		417		4,214		5,169		8,756
Germany		2,958		3,126		5,870		6,070
Rest of the world		279		360		847		1,115
	$	10,049	$	14,702	$	34,808	$	38,800

All sales are denominated in United States dollars.

12. SEGMENT AND GEOGRAPHIC INFORMATION - Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)
Net revenues by geographic area
Net revenues	$ 10,049	$ 14,702	$ 34,808	$ 38,800
Number of reporting units \| segment			1
United States
Net revenues by geographic area
Net revenues	4,408	4,442	$ 12,794	13,261
China
Net revenues by geographic area
Net revenues	1,221	1,374	4,590	3,391
Singapore
Net revenues by geographic area
Net revenues	766	1,186	5,538	6,207
Netherlands
Net revenues by geographic area
Net revenues	417	4,214	5,169	8,756
Germany
Net revenues by geographic area
Net revenues	2,958	3,126	5,870	6,070
Rest of the world
Net revenues by geographic area
Net revenues	$ 279	$ 360	$ 847	$ 1,115

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent accounting pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Apr. 01, 2019
The Company And Summary Of Significant Accounting Policies
Operating lease right-of-use assets	$ 766	$ 1,100
Lease liabilities, operating lease	$ 805	$ 1,100

2. REVENUE RECOGNITION

9 Months Ended

Dec. 31, 2019

REVENUE RECOGNITION.

Note 2 - REVENUE RECOGNITION

NOTE 2—REVENUE RECOGNITION

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 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 has 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 certain 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 December 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 nine months ended December 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 40% of the Company’s net revenues in the nine months ended December 31, 2019.

See “Note 12 — Segment and Geographic Information” for revenue by shipment destination.

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


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
	(In thousands)
Contract manufacturers	$	3,022	$	6,699	$	11,745	$	16,122
Distribution		6,603		7,764		21,346		21,982
OEMs		424		239		1,717		696
	$	10,049	$	14,702	$	34,808	$	38,800

4. BALANCE SHEET DETAIL

9 Months Ended

Dec. 31, 2019

BALANCE SHEET DETAIL

NOTE 4 - BALANCE SHEET DETAIL

NOTE 4—BALANCE SHEET DETAIL



	December 31, 2019		March 31, 2019
	(In thousands)
Inventories:
Work-in-progress	$	1,791	$	1,983
Finished goods		2,727		3,690
Inventory at distributors		3		12
	$	4,521	$	5,685



	December 31, 2019		March 31, 2019
	(In thousands)
Accounts receivable, net:
Accounts receivable	$	5,468	$	7,441
Less: Allowances for doubtful accounts and other		(70)		(102)
	$	5,398	$	7,339



	December 31, 2019		March 31, 2019
	(In thousands)
Prepaid expenses and other current assets:
Prepaid tooling and masks	$	988	$	535
Prepaid income taxes		24		39
Escrow deposit		—		1,000
Other receivables		273		321
Other prepaid expenses and other current assets		1,263		605
	$	2,548	$	2,500



	December 31, 2019		March 31, 2019
	(In thousands)
Property and equipment, net:
Computer and other equipment	$	18,156	$	19,086
Software		4,066		4,058
Land		3,900		3,900
Building and building improvements		3,726		3,718
Furniture and fixtures		102		102
Leasehold improvements		872		848
		30,822		31,712
Less: Accumulated depreciation		(22,467)		(22,711)
	$	8,355	$	9,001

Depreciation expense was $293,000 and $317,000 for the three months ended December 31, 2019 and 2018, respectively, and $904,000 and $865,000 for the nine months ended December 31, 2019 and 2018, respectively.



	December 31, 2019		March 31, 2019
	(In thousands)
Other assets:
Non-current deferred income taxes		34		35
Deposits		128		125
	$	162	$	160

The following tables summarize the components of intangible assets and related accumulated amortization balances at December 31, 2019 and March 31, 2019 (in thousands):


	As of December 31, 2019
	Gross Carrying Amount		Accumulated amortization		Net Carrying Amount
Intangible assets:
Product designs	$	590	$	(590)	$	—
Patents		4,220		(1,673)		2,547
Software		80		(80)		—
Total	$	4,890	$	(2,343)	$	2,547


	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

Amortization of intangible assets included in cost of revenues was $58,000 and $58,000 for the three months ended December 31, 2019 and 2018, respectively, and $175,000 and $208,000 for the nine months ended December 31, 2019 and 2018, respectively.

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


Fiscal year ending March 31,
2020 (3 months remaining)	$	58
2021		233
2022		233
2023		233
2024		233
Thereafter		1,557
Total	$	2,547



	December 31, 2019		March 31, 2019
	(In thousands)
Accrued expenses and other liabilities:
Accrued compensation	$	3,674	$	4,659
Purchased intellectual property		2,432		—
Accrued professional fees		7		60
Accrued commissions		355		304
Contingent consideration		—		492
Accrued retention payment		—		415
Miscellaneous accrued expenses		833		939
	$	7,301	$	6,869

11. RELATED PARTY TRANSACTION (Details) - USD ($)	3 Months Ended	9 Months Ended
11. RELATED PARTY TRANSACTION (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2019
Non-Recurring Engineering Services \| Wistron Neweb Corp
Related Party Transaction [Line Items]
Non-recurring engineering service expense	$ 16,000	$ 243,000

7. FINANCIAL INSTRUMENTS - Available-for-sale investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Available-for-sale investments
Cost	$ 25,589
Total	25,665
Short-term investments
Available-for-sale investments
Cost	20,293	$ 19,367
Gross Unrealized Gains	50	4
Gross Unrealized Losses		(25)
Total	20,343	19,346
Short-term investments \| Agency bonds
Available-for-sale investments
Cost	6,793
Gross Unrealized Gains	18
Total	6,811
Short-term investments \| Supranational obligations
Available-for-sale investments
Cost		2,867
Gross Unrealized Losses		(1)
Total		2,866
Short-term investments \| Certificates of deposit
Available-for-sale investments
Cost	13,500	16,500
Gross Unrealized Gains	32	4
Gross Unrealized Losses		(24)
Total	13,532	16,480
Long-term investment
Available-for-sale investments
Cost	5,296	8,968
Gross Unrealized Gains	29	34
Gross Unrealized Losses	(3)	(5)
Total	5,322	8,997
Long-term investment \| Agency bonds
Available-for-sale investments
Cost	2,033	2,968
Gross Unrealized Gains		11
Gross Unrealized Losses	(2)	(1)
Total	2,031	2,978
Long-term investment \| Supranational obligations
Available-for-sale investments
Cost	1,273
Gross Unrealized Losses	(1)
Total	1,272
Long-term investment \| Certificates of deposit
Available-for-sale investments
Cost	1,990	6,000
Gross Unrealized Gains	29	23
Gross Unrealized Losses		(4)
Total	$ 2,019	$ 6,019

2. REVENUE RECOGNITION (Details)	9 Months Ended
2. REVENUE RECOGNITION (Details)	Dec. 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	40.00%
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

10. STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation expense by line item
Stock-based compensation expense	$ 629	$ 592	$ 1,922	$ 1,686
Cost of revenues
Stock-based compensation expense by line item
Stock-based compensation expense	77	71	184	185
Research and development
Stock-based compensation expense by line item
Stock-based compensation expense	347	330	1,143	974
Selling, general and administrative
Stock-based compensation expense by line item
Stock-based compensation expense	$ 205	$ 191	$ 595	$ 527

12. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

9 Months Ended

Dec. 31, 2019

SEGMENT AND GEOGRAPHIC INFORMATION

Net revenues by geographic area


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
	(In thousands)
United States	$	4,408	$	4,442	$	12,794	$	13,261
China		1,221		1,374		4,590		3,391
Singapore		766		1,186		5,538		6,207
Netherlands		417		4,214		5,169		8,756
Germany		2,958		3,126		5,870		6,070
Rest of the world		279		360		847		1,115
	$	10,049	$	14,702	$	34,808	$	38,800

CONDENSED 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, 2018	21,407,247
Beginning Balance - Amount at Mar. 31, 2018	$ 21	$ 27,391	$ (142)	$ 59,545	$ 86,815
Issuance of common stock under employee stock option plans, shares	605,473
Issuance of common stock under employee stock option plans, amount	$ 1	2,508			2,509
Repurchase of common stock, shares	(20,636)
Repurchase of common stock, amount		(102)			(102)
Stock-based compensation expense		1,686			1,686
Comprehensive loss:
Net income (loss)				265	265
Net unrealized gain on available-for-sale investments			34		34
Ending Balance, Shares at Dec. 31, 2018	21,992,084
Ending Balance, Amount at Dec. 31, 2018	$ 22	31,483	(108)	59,810	91,207
Beginning Balance - Shares at Sep. 30, 2018	21,947,624
Beginning Balance - Amount at Sep. 30, 2018	$ 22	30,677	(126)	57,548	88,121
Issuance of common stock under employee stock option plans, shares	65,096
Issuance of common stock under employee stock option plans, amount		317			317
Repurchase of common stock, shares	(20,636)
Repurchase of common stock, amount		(102)			(102)
Stock-based compensation expense		591			591
Comprehensive loss:
Net income (loss)				2,262	2,262
Net unrealized gain on available-for-sale investments			18		18
Ending Balance, Shares at Dec. 31, 2018	21,992,084
Ending Balance, Amount at Dec. 31, 2018	$ 22	31,483	(108)	59,810	91,207
Beginning Balance - Shares at Mar. 31, 2019	22,320,156
Beginning Balance - Amount at Mar. 31, 2019	$ 22	33,462	(37)	59,708	93,155
Issuance of common stock under employee stock option plans, shares	812,842
Issuance of common stock under employee stock option plans, amount	$ 1	3,628			3,629
Stock-based compensation expense		1,922			1,922
Comprehensive loss:
Net income (loss)				(6,513)	(6,513)
Net unrealized gain on available-for-sale investments			54		54
Ending Balance, Shares at Dec. 31, 2019	23,132,998
Ending Balance, Amount at Dec. 31, 2019	$ 23	39,012	17	53,195	92,247
Beginning Balance - Shares at Sep. 30, 2019	23,052,473
Beginning Balance - Amount at Sep. 30, 2019	$ 23	37,903	28	57,815	95,769
Issuance of common stock under employee stock option plans, shares	80,525
Issuance of common stock under employee stock option plans, amount		480			480
Stock-based compensation expense		629			629
Comprehensive loss:
Net income (loss)				(4,620)	(4,620)
Net unrealized gain on available-for-sale investments			(11)		(11)
Ending Balance, Shares at Dec. 31, 2019	23,132,998
Ending Balance, Amount at Dec. 31, 2019	$ 23	$ 39,012	$ 17	$ 53,195	$ 92,247

4. BALANCE SHEET DETAIL - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Accrued expenses and other liabilities:
Accrued compensation	$ 3,674	$ 4,659
Purchased intellectual property	2,432
Accrued professional fees	7	60
Accrued commissions	355	304
Contingent consideration		492
Accrued retention payment		415
Miscellaneous accrued expenses	833	939
Total accrued expenses and other liabilities	$ 7,301	$ 6,869

3. NET INCOME (LOSS) PER COMMON SHARE - Shares underlying options (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
NET INCOME (LOSS) PER COMMON SHARE
Shares underlying options and ESPP shares	4,048	3,961	3,762	2,470

6. INCOME TAXES - Unrecognized tax benefits (Details) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
INCOME TAXES
Unrecognized tax benefits, current	$ 0		$ 0
Unrecognized tax benefits, noncurrent	627,000		622,000
Deferred tax assets unrecognized tax benefit	2,500,000
Net deferred tax assets	8,300,000		6,700,000
Valuation allowance	$ (8,200,000)		$ (6,700,000)
Effective annual income tax rate (as a percentage)	(2.20%)	(22.60%)

4. BALANCE SHEET DETAIL - Property and equipment, net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Property and equipment, net:
Property and equipment, gross	$ 30,822,000		$ 30,822,000		$ 31,712,000
Less: Accumulated depreciation	(22,467,000)		(22,467,000)		(22,711,000)
Total property and equipment, net	8,355,000		8,355,000		9,001,000
Depreciation	293,000	$ 317,000	904,000	$ 865,000
Computer and other equipment
Property and equipment, net:
Property and equipment, gross	18,156,000		18,156,000		19,086,000
Software
Property and equipment, net:
Property and equipment, gross	4,066,000		4,066,000		4,058,000
Land
Property and equipment, net:
Property and equipment, gross	3,900,000		3,900,000		3,900,000
Building and building improvements
Property and equipment, net:
Property and equipment, gross	3,726,000		3,726,000		3,718,000
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	102,000		102,000		102,000
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	$ 872,000		$ 872,000		$ 848,000

8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
8. LEASES - Lease costs (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2019
Components of lease costs
Operating lease cost	$ 164	$ 483
Short-term lease cost	7	21
Lease costs	$ 171	$ 504

3. NET INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Dec. 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:


	Three Months Ended December 31,				Nine Months Ended December 31,
	2019		2018		2019		2018
	(In thousands, except per share amounts)
Net income (loss)	$	(4,620)	$	2,262	$	(6,513)	$	265

Denominators:
Weighted average shares—Basic		23,096		21,979		22,894		21,798
Dilutive effect of employee stock options		—		784		—		1,335
Dilutive effect of employee stock purchase plan options		—		6		—		6
Weighted average shares—Dilutive		23,096		22,769		22,894		23,139
Net income (loss) per common share—Basic	$	(0.20)	$	0.10	$	(0.28)	$	0.01
Net income (loss) per common share—Diluted	$	(0.20)	$	0.10	$	(0.28)	$	0.01

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


	Three Months Ended December 31,		Nine Months Ended December 31,
	2019	2018	2019	2018
		(In thousands)
Shares underlying options and ESPP shares	4,048	3,961	3,762	2,470

4. BALANCE SHEET DETAIL - Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Other assets:
Non-current deferred income taxes	$ 34	$ 35
Deposits	128	125
Total other assets	$ 162	$ 160

2. REVENUE RECOGNITION - Revenue disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 10,049	$ 14,702	$ 34,808	$ 38,800
Contract Manufacturers
Disaggregation of Revenue [Line Items]
Net revenues	3,022	6,699	11,745	16,122
Distribution
Disaggregation of Revenue [Line Items]
Net revenues	6,603	7,764	21,346	21,982
OEMs
Disaggregation of Revenue [Line Items]
Net revenues	$ 424	$ 239	$ 1,717	$ 696

5. GOODWILL	9 Months Ended
5. GOODWILL	Dec. 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 December 31, 2019. The goodwill resulted from the acquisition of MikaMonu Group Ltd. 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. No triggering event took place subsequent to the fiscal 2019 annual assessment that necessitated a quantitative impairment analysis for the Company’s one reporting unit.

7. FINANCIAL INSTRUMENTS (Details)	Dec. 31, 2019 USD ($) item	Mar. 31, 2019 USD ($)
Fair value measurements
Short-term investments	$ 20,343,000	$ 19,346,000
Long-term investments	$ 5,322,000	8,997,000
Measurement input
Fair value measurements
Discount rate (as a percent) \| item	0.148
Level 2 \| Marketable securities
Fair value measurements
Short-term investments	$ 20,300,000
Long-term investments	5,300,000
Other accrued expenses
Fair value measurements
Contingent consideration liability	3,800,000	3,700,000
Accrued expenses and other liabilities
Fair value measurements
Contingent consideration liability		492,000
Recurring
Fair value measurements
Assets	33,023,000	32,433,000
Liabilities	3,793,000	4,206,000
Recurring \| Money market funds
Fair value measurements
Money market funds	7,358,000	4,090,000
Recurring \| Marketable securities
Fair value measurements
Marketable securities	25,665,000	28,343,000
Recurring \| Level 1
Fair value measurements
Assets	7,358,000	4,090,000
Recurring \| Level 1 \| Money market funds
Fair value measurements
Money market funds	7,358,000	4,090,000
Recurring \| Level 2
Fair value measurements
Assets	25,665,000	28,343,000
Recurring \| Level 2 \| Marketable securities
Fair value measurements
Marketable securities	25,665,000	28,343,000
Recurring \| Level 3
Fair value measurements
Liabilities	$ 3,793,000	$ 4,206,000