|
Acquisitions and Disposals (Tables)
|
12 Months Ended |
|
Mar. 31, 2014
|
|
Twistbox
|
|
| Summary of Assets and Liabilities of Discontinued Operations |
The following is a summary of the assets and liabilities of the
discontinued operations as of February 13, 2014:
|
|
|
|
|
| |
|
Unaudited |
|
|
Working Capital, net of cash
|
|
$ |
2,833 |
|
|
Accounts receivable
|
|
|
436 |
|
|
Prepaid expenses
|
|
|
49 |
|
|
Deposits
|
|
|
16 |
|
|
Property, Plant and Equipment
|
|
|
32 |
|
|
Intangible Assets
|
|
|
228 |
|
|
Goodwill
|
|
|
142 |
|
|
Accounts payable
|
|
|
(1,394 |
) |
|
Accrued liabilities
|
|
|
(840 |
) |
|
|
|
|
|
|
Loss on sale, net of taxes
|
|
$ |
1,502 |
|
|
|
|
|
|
|
|
Mirror Image International Holdings Pvt Ltd
|
|
| Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed |
The following table summarizes the preliminary fair values of
the assets acquired and liabilities assumed at the date of
acquisition.
|
|
|
|
|
| |
|
Unaudited |
|
|
Cash
|
|
$ |
513 |
|
|
Accounts receivable
|
|
|
2,809 |
|
|
Prepaid expenses and other assets
|
|
|
896 |
|
|
Property, plant and equipment
|
|
|
300 |
|
|
Customer relationships
|
|
|
652 |
|
|
Developed technology
|
|
|
5,820 |
|
|
Library
|
|
|
300 |
|
|
Trade names / trademarks
|
|
|
54 |
|
|
Goodwill
|
|
|
1,389 |
|
|
Accounts payable
|
|
|
(1,151 |
) |
|
Accrued liabilities
|
|
|
(2,890 |
) |
|
Accrued compensation
|
|
|
(345 |
) |
|
|
|
|
|
|
Purchase price
|
|
$ |
8,347 |
|
|
|
|
|
|
|
| Amortization Period for Intangible Assets Acquired |
The amortization period for the intangible assets acquired in the
MIA transaction is as follows:
|
|
|
|
|
| |
|
Remaining
Useful Life |
|
|
Customer relationships
|
|
|
14 years |
|
|
Developed technology
|
|
|
5 years |
|
|
Trade names / Trademarks
|
|
|
5 years |
|
|
Library
|
|
|
5 years |
|
|
Goodwill
|
|
|
Indefinite |
|
|
| Targets Combined Operating Results |
The Targets’ combined operating results from the acquisition
date to March 31, 2014 are as follows:
|
|
|
|
|
| |
|
Unaudited |
|
|
Revenue
|
|
$ |
19,973 |
|
|
Cost of goods sold
|
|
|
15,493 |
|
|
|
|
|
|
|
Gross profit
|
|
|
4,480 |
|
|
Operating expenses
|
|
|
5,292 |
|
|
|
|
|
|
|
Loss from operations
|
|
|
(812 |
) |
|
Non-operating (income) / expense, net
|
|
|
1,560 |
|
|
Provision for income tax (income) / expense, net
|
|
|
(1,597 |
) |
|
|
|
|
|
|
Net loss
|
|
$ |
(775 |
) |
|
|
|
|
|
|
| Pro Forma Financial Information |
The pro forma financial information of the Company’s
consolidated operations if the acquisition of DT APAC had occurred
as of April 1, 2012 is presented below.
|
|
|
|
|
|
|
|
|
| |
|
Unaudited
Twelve Months Ended
March 31,
|
|
| |
|
2014 |
|
|
2013 |
|
|
Revenues
|
|
$ |
24,887 |
|
|
$ |
17,659 |
|
|
Cost of goods sold
|
|
|
16,879 |
|
|
|
10,375 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
8,008 |
|
|
|
7,284 |
|
|
Operating expenses
|
|
|
23,546 |
|
|
|
19,077 |
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from operations
|
|
|
(15,538 |
) |
|
|
(11,793 |
) |
|
Non-operating (income) / expense, net
|
|
|
3,446 |
|
|
|
3,065 |
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) before provision for income taxes
|
|
|
(18,984 |
) |
|
|
(14,858 |
) |
|
Provision for income tax (income) / expense, net
|
|
|
(325 |
) |
|
|
(77 |
) |
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
|
|
$ |
(18,659 |
) |
|
$ |
(14,781 |
) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share
|
|
$ |
(0.68 |
) |
|
$ |
(0.84 |
) |
|