Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Net revenues $ 6,025 $ 7,230
Cost of revenues    
License fees 963 2,643
Other direct cost of revenues 1,648 230
Total cost of revenues 2,611 2,873
Gross profit 3,414 4,357
Operating expenses    
Product development 1,712 2,154
Sales and marketing 971 873
General and administrative 11,992 13,013
Impairment of intangible assets    2,319
Impairment of goodwill 1,119 2,969
Total operating expenses 15,794 21,328
Loss from operations (12,380) (16,971)
Interest and other income / (expense)    
Interest income/ (expense) (1,883) (12,497)
Foreign exchange transaction gain / (loss) (7) (94)
Change in fair value of accrued derivative liabilities gain / (loss) (22) (4,447)
Loss on extinguishment of debt   2,004
Gain / (loss) on settlement of debt 337 1,393
Gain / (loss) on disposal of fixed assets (33) 15
Loss on change on valuation of long term contingent liability (83)  
Interest and other expense (1,691) (13,626)
Loss from operations before income taxes (14,071) (30,597)
Income tax provision 90 (110)
Net loss from continuing operations, net of taxes (14,161) (30,707)
Other comprehensive (loss) / income:    
Foreign currency translation adjustment (72) 97
Comprehensive (loss) / income $ (14,233) $ (30,610)
Basic and diluted net income / (loss) per common share $ (0.80) $ (3.11)
Weighted average common shares outstanding, basic and diluted 17,631 9,884