Rendering

Component: (Network and Table)
Network
2302302 - Disclosure - Summary of Significant Accounting Policies (Tables)
(http://www.oesx.com/role/SummaryOfSignificantAccountingPoliciesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001409375 (http://www.sec.gov/CIK)
Accounting Policies [Abstract]Period [Axis]
2015-04-01 - 2016-03-31
Accounting Policies [Abstract]
 
Accounts receivable and allowance for doubtful accounts balances
As of March 31, Orion’s accounts receivable and allowance for doubtful accounts balances were as follows (dollars in thousands):
 
2016
 
2015
Accounts receivable, gross
$
11,394

 
$
18,721

Allowance for doubtful accounts
(505
)
 
(458
)
Accounts receivable, net
$
10,889

 
$
18,263

  
Credit quality of the company's financing receivables using aging analysis
Additional disclosures on the credit quality of Orion’s financing receivables are as follows:
Age Analysis as of March 31, 2016 (dollars in thousands):
 
Not Past Due
 
1-90 days
past due
 
Greater than 90
days past due
 
Total past due
 
Total sales-type
leases
Lease balances included in consolidated accounts receivable—current
$
294

 
$
4

 
$
10

 
$
14

 
$
308

Lease balances included in consolidated accounts receivable—long-term
101

 
—

 
—

 
—

 
101

Total gross sales-type leases
395

 
4

 
10

 
14

 
409

Allowance
—

 
—

 
(9
)
 
(9
)
 
(9
)
Total net sales-type leases
$
395

 
$
4

 
$
1

 
$
5

 
$
400

Age Analysis as of March 31, 2015 (dollars in thousands): 
 
Not Past Due
 
1-90 days
past due
 
Greater than 90
days past due
 
Total past due
 
Total sales-type
leases
Lease balances included in consolidated accounts receivable—current
$
1,346

 
$
47

 
$
186

 
$
233

 
$
1,579

Lease balances included in consolidated accounts receivable—long-term
398

 
—

 
—

 
—

 
398

Total gross sales-type leases
1,744

 
47

 
186

 
233

 
1,977

Allowance
(12
)
 
(3
)
 
(141
)
 
(144
)
 
(156
)
Total net sales-type leases
$
1,732

 
$
44

 
$
45

 
$
89

 
$
1,821

  
Provisions for write-offs and credit losses against OTA sales-type lease receivable balances
Orion’s provision for write-offs and credit losses against the OTA sales-type lease receivable balances in fiscal 2016, fiscal 2015 and fiscal 2014, respectively, was as follows (dollars in thousands): 
 
Balance at
beginning of
period
 
Provisions
charged to
expense
 
Write offs
and other
 
Balance at
end of
period
March 31,
(in Thousands)
2016
Allowance for Doubtful Accounts on financing receivables
$
156

 
$
30

 
$
177

 
$
9

2015
Allowance for Doubtful Accounts on financing receivables
$
94

 
$
62

 
$
—

 
$
156

2014
Allowance for Doubtful Accounts on financing receivables
$
74

 
$
96

 
$
76

 
$
94

  
Inventories
As of March 31, 2016 and 2015, Orion's inventory balances were as follows (dollars in thousands):
 
Cost
 
Obsolescence Reserve
 
Net
As of March 31, 2016
 
 
 
 
 
Raw materials and components
$
10,556

 
$
(1,052
)
 
$
9,504

Work in process
2,045

 
(119
)
 
1,926

Finished goods
6,550

 
(956
)
 
5,594

   Total
$
19,151

 
$
(2,127
)
 
$
17,024

 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
Raw materials and components
$
9,150

 
$
(677
)
 
$
8,473

Work in process
1,683

 
(94
)
 
1,589

Finished goods
5,069

 
(848
)
 
4,221

   Total
$
15,902

 
$
(1,619
)
 
$
14,283

  
Prepaid expenses and other current assets
Prepaid expenses and other current assets include the following (dollars in thousands):
 
March 31, 2016
 
March 31, 2015
Unbilled accounts receivable
$
4,307

 
$
1,710

Other prepaid expenses
731

 
697

   Total
$
5,038

 
$
2,407

  
Property and equipment
Depreciable lives by asset category are as follows:
Land improvements
10-15 years
Buildings and building improvements
3-39 years
Furniture, fixtures and office equipment
2-10 years
Leasehold improvements
Shorter of asset life or life of lease
Equipment leased to customers under Power Purchase Agreements
20 years
Plant equipment
3-10 years
Property and equipment were comprised of the following (dollars in thousands):
 
March 31, 2016
 
March 31, 2015
Land and land improvements
$
421

 
$
1,511

Buildings and building improvements
11,849

 
14,441

Furniture, fixtures and office equipment
7,233

 
8,600

Leasehold improvements
148

 
148

Equipment leased to customers under Power Purchase Agreements
4,997

 
4,997

Plant equipment
10,805

 
11,084

Construction in progress
128

 
379

 
35,581

 
41,160

Less: accumulated depreciation and amortization
(18,577
)
 
(19,937
)
Net property and equipment
$
17,004

 
$
21,223

  
Equipment under capital leases
Equipment included above under capital leases was as follows (dollars in thousands):
 
March 31, 2016
 
March 31, 2015
Equipment
$
408

 
$
—

Less: accumulated depreciation and amortization
(65
)
 
—

Net Equipment
$
343

 
$
—

  
Change in carrying value of goodwill
The change in the carrying value of goodwill during fiscal 2016 and fiscal 2015 was as follows (dollars in thousands):
Balance at March 31, 2014
$
4,409

Impairments
—

Balance at March 31, 2015
4,409

Impairments
(4,409
)
Balance at March 31, 2016
$
—

  
Schedule of intangible assets and goodwill
Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods:
Patents
10-17 years
Straight-line
Licenses
7-13 years
Straight-line
Customer relationships
5-8 years
Accelerated based upon the pattern of economic benefits consumed
Developed technology
8 years
Accelerated based upon the pattern of economic benefits consumed
Non-competition agreements
5 years
Straight-line
The estimated amortization expense for each of the next five years is shown below (dollars in thousands): 
Fiscal 2017
$
877

Fiscal 2018
602

Fiscal 2019
426

Fiscal 2020
340

Fiscal 2021
266

Thereafter
581

 
$
3,092

The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands):
 
March 31, 2016
 
March 31, 2015
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net
Patents
$
2,377

 
$
(1,053
)
 
$
1,324

 
$
2,447

 
$
(906
)
 
$
1,541

Licenses
58

 
(58
)
 
—

 
58

 
(58
)
 
—

Trade name and trademarks
1,956

 
—

 
1,956

 
1,958

 
—

 
1,958

Customer relationships
3,600

 
(2,512
)
 
1,088

 
3,600

 
(1,620
)
 
1,980

Developed technology
900

 
(265
)
 
635

 
900

 
(109
)
 
791

Non-competition agreements
100

 
(55
)
 
45

 
100

 
(35
)
 
65

Total
$
8,991

 
$
(3,943
)
 
$
5,048

 
$
9,063

 
$
(2,728
)
 
$
6,335

Amortization expense is set forth in the following table (dollars in thousands):
 
Fiscal Year Ended March 31,
 
2016
 
2015
 
2014
Amortization included in cost of sales:
 
 
 
 
 
Patents
$
139

 
$
132

 
$
135

Total
$
139

 
$
132

 
$
135

 
 
 
 
 
 
Amortization included in operating expenses:
 
 
 
 
 
Customer relationships
$
891

 
$
1,085

 
$
535

Developed technology
156

 
90

 
19

Non-competition agreements
20

 
20

 
15

Patents
9

 
—

 
—

Total
1,076

 
1,195

 
569

Total amortization
$
1,215

 
$
1,327

 
$
704

  
Other long-term assets
Other long-term assets include the following (dollars in thousands):
 
March 31, 2016
 
March 31, 2015
Deferred financing costs
$
92

 
$
202

Security deposits
87

 
73

Deferred contract costs
—

 
83

Other
6

 
9

Total
$
185

 
$
367

  
Accrued Expenses and Other
Accrued expenses and other include the following (dollars in thousands):
 
March 31, 2016
 
March 31, 2015
Compensation and benefits
$
1,794

 
$
1,314

Sales tax
913

 
1,168

Contract costs
586

 
1,267

Legal and professional fees (1)
2,348

 
479

Warranty
554

 
705

Other accruals
391

 
264

Total
$
6,586

 
$
5,197


(1)Includes a $1,400 loss contingency recorded in fiscal 2016.
  
Changes in warranty accrual
Changes in Orion’s warranty accrual (both current and long-term) were as follows (dollars in thousands): 
 
March 31,
 
2016
 
2015
Beginning of year
$
1,015

 
$
263

Provision to product cost of revenue
159

 
776

Charges
(310
)
 
(24
)
End of year
$
864

 
$
1,015

  
Fair value of each option grant
The fair value of each option grant in fiscal 2014 was determined using the assumptions in the following table: 
 
 
 
2014
Weighted average expected term
4.1 years

Risk-free interest rate
0.8
%
Expected volatility
73.3
%
Expected forfeiture rate
20.3
%
  
Summary of the effect of net income per common share
The effect of net income (loss) per common share is calculated based upon the following shares: 
 
Fiscal Year Ended March 31,
 
2016
 
2015
 
2014
Numerator:
 
 
 
 
 
Net loss (dollars in thousands)
$
(20,126
)
 
$
(32,061
)
 
$
(6,199
)
Denominator:
 
 
 
 
 
Weighted-average common shares outstanding
27,627,693

 
22,353,419

 
20,987,964

Weighted-average effect of assumed conversion of stock options and restricted stock
—

 
—

 
—

Weighted-average common shares and share equivalents outstanding
27,627,693

 
22,353,419

 
20,987,964

Net income (loss) per common share:
 
 
 
 
 
Basic
$
(0.73
)
 
$
(1.43
)
 
$
(0.30
)
Diluted
$
(0.73
)
 
$
(1.43
)
 
$
(0.30
)
  
Number of potentially dilutive securities
The following table indicates the number of potentially dilutive securities as of the end of each period: 
 
March 31,
 
2016
 
2015
 
2014
Common stock options
2,017,046

 
2,426,836

 
2,716,317

Restricted shares
1,053,389

 
704,688

 
539,204

Common stock warrants
—

 
—

 
38,980

Total
3,070,435

 
3,131,524

 
3,294,501