Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Notes)

Revenue Recognition (Notes)
6 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] evenue Recognition and Deferred Revenue
The Company records revenue based on a five-step model in accordance with ASC Topic 606, Revenue From Contracts With Customers (“ASC 606"). The Company's revenue is derived from the sale of products, software, and services identified in contracts. A contract exists when both parties have an approved agreement that creates enforceable rights and obligations, identifies performance obligations and payment terms and has commercial substance. The Company records revenue from these contracts when control of the products or services transfer to the customer. The amount of revenue to be recognized is based upon the consideration, including the impact of any variable consideration, that the Company expects to be entitled to receive in exchange for these products and services.

Disaggregation of revenue
The following table disaggregates our revenue by major source:
(in thousands) Three months ended September 30, Six months ended September 30,
  2020 2019 2020 2019
    Products $ 6,961  $ 6,317  $ 13,159  $ 14,132 
    Software 147  161  164  180 
    Services 1,212  1,091  2,347  2,259 
Total revenue $ 8,320  $ 7,569  $ 15,670  $ 16,571 

Deferred Revenue
The following is the expected future revenue recognition timing of deferred revenue as of September 30, 2020:
(in thousands) < 1 year 1-2 years > 2 years
Deferred Revenue $ 529  $ 100  $ 55 

During each of the six months ended September 30, 2020, and September 30, 2019, the Company recognized $0.8 million of revenue related to contract liabilities at the beginning of the periods.
The Company allows certain customers to return unused product under specified terms and conditions.  The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability.  The refund liability is included within Accrued expenses on the accompanying Condensed Consolidated Balance Sheets.  Additionally, the Company records an asset based on historical experience for the amount of product we expect to return to inventory as a result of the return, which is recorded in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.  The gross product return asset was $0.1 million at both September 30, 2020, and March 31, 2020. The product returns liability was $0.1 million and $0.2 million at September 30, 2020 and March 31, 2020, respectively.