|   |   | UNITED STATES SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549  **_____________________  **FORM 10-K  
ANNUAL REPORT  
PURSUANT TO SECTION 13 OR 15(d)  
OF THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE   
SECURITIES EXCHANGE ACT OF 1934   
For the fiscal year ended March 31, 2007  
OR  
[  ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE   
SECURITIES EXCHANGE ACT OF 1934   
For the transition period      from                       to                   
Commission file number 1-10869     
               UQM      TECHNOLOGIES,      INC.                 
(Exact name of registrant as specified in its charter)  **______________________   
Colorado 
84-0579156    
(State or other jurisdiction 
(I.R.S. Employer    
of incorporation or organization) 
Identification No.)    
7501 Miller Drive, Frederick, Colorado 
80530    
(Address of principal executive offices) 
(Zip Code)   
Registrant's telephone number, including area code:      (303) 278-2002     
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE      ACT:     
Name of each exchange on which registered    
Title of each class 
American Stock Exchange    
Common Stock 
Pacific Stock Exchange      
Chicago Stock Exchange      
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE      ACT:  
None.  
Indicate by check mark if the registrant is a      well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  
Yes  [  ]  No  [X]  
Indicate by check mark if the registrant is not      required to file reports pursuant to Section 13 or 15(d) of the Act.  
Yes  [  ]  No  [X]  
Indicate by check mark whether the registrant: (1) has      filed all reports required to be filed by Section 13 or 15(d) of the      Securities Exchange Act of 1934 during the preceding 12 months (or for      such shorter period that the registrant was required to file such      reports), and (2) has been subject to such filing requirements for the      past 90 days.  
Yes  [X]  No  [  ]  
Indicate by check mark if disclosure of delinquent      filers pursuant to Item 405 of Regulation S-K is not contained herein, and      will not be contained, to the best of registrant's knowledge, in      definitive proxy or information statements incorporated by reference in      Part III of this Form 10-K or any amendment to this Form 10-K  [      ]  
Indicate by check mark whether the registrant is a      large accelerated filer, an accelerated filer, or a non-accelerated filer.      See definition of "accelerated filer" and "large      accelerated filer" in Rule 12b-2 of the Exchange Act.  
[  ]  Large accelerated filer
[X]  Accelerated filer
[  ]  Non-accelerated filer  
Indicate by check mark whether the registrant is a      shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes  [  ]  No  [X]  
The aggregate market value of the registrant's common      stock ("Common Stock") held by non-affiliates is approximately      $103,540,266 (based on the May 15, 2007 closing      price of Common Stock of $4.17 per share as reported on the American Stock      Exchange). As of May 15, 2007, there were 25,324,717 shares of Common      Stock outstanding.     
DOCUMENTS INCORPORATED BY REFERENCE  
Document of the Registrant 
Form 10-K Reference Locations  
Portions of the 2007 Proxy Statement 
Part III
 
**Table of Contents **PART I.  
 

Item 1.
Business
 
 

 

 

Item 1A.
Risk Factors

 

 

 

Item 1B.
Unresolved Staff Comments
 

 

 

 

Item 2.
Properties
 

 

 

 

Item 3.
Legal Proceedings
 

 

 

 

Item 4.
Submission of Matters to a Vote of Security Holders
 

 

 
**PART II.
 

 

 

Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters      and Issuer Purchases of
 

 

 

Equity Securities
 

 

 

 

 

Item 6.
Selected Financial Data
 

 

 

 

 

Item 7.
Management's Discussion and Analysis of Financial Condition and      Results of Operations
 

 

 

 

 

Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
 

 

 

 

 

Item 8.
Financial Statements and Supplementary Data
 

 

 

 

 

 

 

Reports of Independent Registered Public Accounting Firm
 

 

 

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2007 and March 31, 2006
 

 

 

 

 

 

 

 

Consolidated Statements of Operations for the Fiscal Years ended March      31, 2007, 2006 and 2005
 

 

 

 

 

 

 

 

Consolidated Statements of Stockholders' Equity for the Fiscal Years
 

 

 

 

ended March 31, 2007, 2006 and 2005
 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Fiscal Years ended March      31, 2007, 2006 and 2005
 

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements
 

 

 

 

 

 

Item 9.
Change In and Disagreements with Accountants on Accounting and      Financial Disclosure
 

 

 

 

 

 

Item 9A.
Controls and Procedures
 

 

 

Item 9B.
Other Information
 

 
**PART III.
 

 

 

Item 10.
Directors and Executive Officers of the Registrant
 

 

 

 

 

Item 11.
Executive Compensation
 

 

 

 

 

Item 12.
Security Ownership of Certain Beneficial Owners and Management and      Related Stockholder
 

 

 

Matters
 

 

 

 

Item 13.
Certain Relationships and Related Transactions
 

 

 

 

Item 14.
Principal Accountant Fees and Services
 

 
**PART IV.
 

 

 

 

Item 15.
Exhibits and Financial Statement Schedules
 

**PART I**ITEM 1.**BUSINESS*This Report contains statements that constitute"forward-looking statements" within the meaning of Section 27A of theSecurities Act and Section 21E of the Securities Exchange Act. These statementsappear in a number of places in this Report and include statements regarding ourplans, beliefs or current expectations; including those plans, beliefs andexpectations of our officers and directors with respect to, among other things,the development of markets for our products, the adequacy of our cash balancesand liquidity to meet future operating needs, and our ability to issue equity ordebt securities. Important Risk Factors that could cause actual results todiffer from those contained in the forward-looking statements are listed belowin Part I, Item 1A. Risk Factors.***General**
UQM Technologies, Inc., ("UQM") is a developer andmanufacturer of energy efficient, power dense, electric motors, generators andpower electronic controllers. Our primary focus is incorporating our advancedtechnology into products aimed at existing commercial markets and emergingmarkets for electrically propelled vehicles that are expected to experiencerapid growth. We operate our business in two segments: 1) technology - whichencompasses the further advancement and application of our proprietary motors,generators, power electronics and software; and 2) power products - whichencompasses the manufacture of motors, generators, power electronic controllersand related products. Our $0.01 par value common stock trades on the American,Chicago and Pacific stock exchanges under the symbol "UQM."

The Company's revenue from continuing operations is derivedfrom two principal sources: 1) funded contract research and development servicesperformed for strategic partners, customers and the U.S. government directedtoward either the advancement of our proprietary technology portfolio or theapplication of our proprietary technology to customers' products; and 2) themanufacture and sale of products engineered by us.

We have two principal operating companies: 1) UQMTechnologies, Inc. which includes the Corporate Headquarters and Engineering andProduct Development Center; and 2) wholly-owned subsidiary UQM Power Products,Inc. ("UQM Power") which is an ISO quality certified manufacturer ofour products. Both operating companies are located in Frederick, Colorado.
**Technology**
Our technology base includes a number of proprietarytechnologies and patents relating to brushless permanent magnet motors,generators and power electronic controllers, together with software code tointelligently manage the operation of our systems. See also "Patents"below.

The typical architecture of a UQM(R)  motor consists of a stator winding employing a high pole count configuration,which allows for high copper utilization (minimizing energy loss and cost) and ahollow rotor upon which powerful rare earth permanent magnets are mounted on theouter circumference. The stator is affixed to an aluminum housing containing amounting ring and bearings, which allows the rotor to be suspended within thestator. Commutation of the machine is accomplished electronically by sensing theposition of the rotor in relation to the stator and intelligently pulsingelectrical energy into the stator such that the electric field generated by thestator interacts with the magnetic field of the rotor producing rotationalmotion ("motor operation"). Conversely, the application of rotationalmotion to the rotor by an external force results in the generation of electricalpower ("generator operation"). UQM(R) machines can be operated in either a forward or reverse direction of rotationand either in motor or generator mode and can dynamically change from one modeof operation to another in millisecond response time. The hollow design of therotor permits the packaging of other components such as gears andelectromechanical brakes in the interior of the machine. These design featurescontribute to lower usage of copper and iron and other materials generally (dueto smaller package dimensions), reducing manufacturing cost over those forconventional machines of similar power. In addition, the utilization ofneodymium-iron-boron ("NdFeB") magnet material in a wide range ofconsumer devices, such as cell phones, disk drives and medical devices, hasdramatically improved the availability, performance and price of this material,allowing us to price our advanced motors and controls competitively with lesserperforming conventional motors which we believe will accelerate the rate ofcommercialization of our technology.

Attributes of our permanent magnet motor technology includebrushless electronic commutation; a relatively large air-gap dimension; the useof powerful rare earth NdFeB magnet material; good heat rejection; low ironcontent; and low mechanical losses. As a result, UQM(R) motors have high operating efficiencies, high power density (high power outputto weight ratio) and generally have smaller external dimensions and weight for agiven power output, improving packageability.

Attributes of our microprocessor-based digital powerelectronic controllers include high power operation (600 amps at 400 volts),four-quadrant control (forward/reverse and motoring/generation), reducedswitching losses, intelligent control and controller area network("CAN") capability.

In addition, we have developed and patented a method ofcontrol embodied in electronic component architecture and software code (PhaseAdvance Control) which allows UQM(R)  motors to deliverboth high output torque at low operating speeds and continuous power at highoperating speeds from the same machine. Conventional permanent magnet motordesigns are limited to operating at either high torque at low speeds orcontinuous power at high speeds, but not both. In most vehicle propulsionapplications, high torque is required to launch the vehicle from a standing stoptransitioning to high power as the vehicle is accelerated to highway speeds. Inconventional internal combustion engine powered vehicles, the transition fromhigh torque to high power is typically accomplished through the multiple gearchanges performed by a mechanical transmission. UQM(R)  motors, incorporating phase advance technology, are suited as propulsion drivesin electric, hybrid electric, plug-in hybrid electric and fuel cell electricvehicles due to the ability to power a vehicle from a standing stop to highwayspeeds without mechanical gear changes, thereby eliminating the size, weight andcost of mechanical transmissions.

We have also developed a technology that allows our permanentmagnet motors to achieve a 10 to 1 top speed to base speed ratio. Thistechnology also provides both high torque and high-speed capability in the samemachine, but at levels greater than that of other motor technology. Manyelectric motor applications require high torque capability for starting and lowspeed operation, but must also achieve high speed. For military vehicles, hightorque at low speed translates into obstacle and grade climbing capability,while high speed enables pursuit, dash and evasive maneuvers as well as on-roadconvoy transport. Many commercial applications have similar requirements.Conventional vehicles achieve the high torque required for launch and low endacceleration and the constant power required for high road speed by using atransmission and multiple gear changes. Prior to this performance breakthrough,UQM(R) systems incorporating phase advance were able to achieve a topspeed to base speed ratio of 4 to 1. Electrically propelled vehicles designedaround a 4 to 1 limitation, sometimes require unwanted gearing and/or have lessthan desired performance. This has particularly been the case in the moredemanding off-highway equipment and military vehicle applications. Providingvehicle developers with electric propulsion systems capable of a top speed tobase speed ratio of 10 to 1 overcomes a significant limitation and opens uppotential new application opportunities for UQM(R) systems.

Additional enhanced methods of electronic control for ourpermanent magnet motor and generator systems that extract power fromsubstantially the entire electrical cycle of the motor, have allowed us tomaximize the power output and efficiency of our machines, further improvingtheir performance. These performance enhancements have increased peak poweroutput by 33 percent; continuous power output by 50 percent and systemefficiency at various operating points by 2 to 8 percent. In addition, ourcontrol enhancements have user configurable functionality and increased datatransmission and processing speeds, which improve feedback, prognostics anddiagnostic capabilities.

During fiscal 2007 we began the process to initiateadditional patent applications related to technology developments that have thepotential to significantly increase torque density for wheel motors and allowour motors to operate at higher speeds for application in advanced transmissionhybrid vehicles. We also began an internally-funded project to increase thefunctionality of the microprocessor software we use to intelligently control ourmotor controllers. Some of these enhancements include torque, speed and voltagecontrol improvements that enable more sophisticated hybrid electric operatingstrategies, refined generator voltage regulation to facilitate improved batterypack management and further improvements in system efficiency and power outputthrough advances in motor control algorithms. In addition to these activities,The U.S. Air Force has contracted us to manage a research and developmentproject in cooperation with Mississippi State University, directed toward thedevelopment of high temperature power switching devices using silicon carbidethat may lead to improved power handling capability for our motor controllers.

The majority of our research and development activities arethe result of projects contracted with and funded by customers, for which wetypically retain intellectual property rights in the resulting technologydeveloped. Customer funded development activities are recorded in our financialstatements as contract services revenue and the associated development costs areshown as cost of contract services.

In recent years, we have focused our research and developmentactivities on the development of commercial products and production engineeringactivities to lower the cost of manufacture, as well as enhance the performanceand capability of our systems, as opposed to basic research in the field. Webelieve our future growth is dependent, in part, on the continued advancement ofour technology portfolio and our ability to commercialize our technology inadditional product applications and markets. Accordingly, we expect to continueto pursue additional customer funded programs and to selectively invest ininternally funded development projects to accomplish these objectives.
**Markets**
Our primary focus is the commercialization of our technologyin both existing and emerging markets for electrically powered vehiclepropulsion systems and auxiliary systems for vehicles.
***Existing Markets***
Today there are numerous well-established markets forproducts that incorporate electric motors, generators and power electroniccontrollers that are targets for replacement by our advantaged systems. Examplesof existing electric vehicle markets that we believe present opportunities forthe commercialization of our proprietary technology include electricwheelchairs, golf carts, forklift trucks and other warehouse vehicles, aircrafttugs and other support equipment, commercial floor cleaning equipment and othersimilar markets where the product application generally requires high torque andvariable speed operation. In addition, there are a multitude of electricauxiliary motors used on conventional vehicles that provide a furtheropportunity for replacement by our systems.

We have developed and commercialized several products forexisting markets that are currently being manufactured by our wholly-ownedsubsidiary, UQM Power. These products include a direct-drive propulsion motorused in Invacare Corporation's Storm(R) electricwheelchair for which we are supplying field service and warranty units, fanblower motors used in aircraft air conditioning systems manufactured by KeithProducts, Inc. and a vehicle auxiliary motor for a product manufactured byLippert Components, Inc.

We expect to continue to aggressively pursue thecommercialization of both technologically advanced and low cost products that wedevelop to customer specifications in these large, established markets.
***Emerging Markets***
Potentially large markets are developing in conjunction withthe electrification of a wide-range of vehicle platforms. Electrification ofvehicles is being pursued for a variety of application specific reasonsincluding: 1) improved fuel economy, 2) lower vehicle emissions, 3) greaterreliability and lower maintenance, 4) the need for higher levels of availableonboard electric power to run electrical devices, and 5) improved performanceand vehicle control. Of these reasons, improved fuel economy has emerged as asignificant factor in the development and potential rate of growth of theemerging markets as crude oil prices continue to rise, recently exceeding $75per barrel, and consumers and businesses alike contend with gasoline and dieselprices of over $3.00 per gallon. This trend toward higher fuel prices isexpected to continue for the foreseeable future driven by tight supply levels,geopolitical turmoil in key oil producing countries and increasing world demanddriven principally by escalating consumption of fossil fuels by developingcountries such as China and India. In addition to these factors, recentgovernment regulations mandating reductions in pollutants from diesel enginesare expected to further accelerate the trend toward electrification asincreasingly stringent regulations continue with the next reduction set for2010.

Crude oil consumption in the United States as reported by theTransportation Energy Data Book; Edition 22 and the EIA Annual Energy Outlook2003 averages approximately 20 million barrels per day. Of this amount,approximately two-thirds is used for transportation.

** **
Every day the U.S. consumes 20 million barrels of oil.

Non-transportation
Over 2/3 of the oil we consume is      used for transportation.
The electrification of conventional vehicles, ranging frompassenger vehicles and over-the-road trucks to off-road vehicles such asagricultural tractors, construction equipment and military vehicles, canpotentially offer improvements in fuel economy and emissions. Nearly allconventional vehicles are powered by a gasoline or diesel fueled internalcombustion engine that converts the energy stored in the fuel to rotating powerout of the engine. The power out of the engine's rotating shaft is used topropel the vehicle and operate all of the vehicles auxiliaries either directlywith belts, pulleys and gears or indirectly through electricity generated from abelted alternator.

Internal combustion engines are relatively inefficient,converting only 30 to 40 percent of the input energy in the fuel to the outputshaft to do useful work. The remaining 60 to 70 percent of the input energy iswasted by the engine as heat loss. Electric motors on the other hand, are muchmore efficient in converting input electric energy to the rotating shaft to douseful work. UQM(R) electric propulsion systems have some of thehighest efficiencies (input energy to output work) in the industry ranging from80 to 95 percent.

 

The electrification of vehicles can range from simplyreplacing inefficient belt and gear driven under-the-hood auxiliaries (waterpump, power steering, HVAC, cooling fans etc.) with efficient electric poweredones, to eliminating the internal combustion engine entirely and replacing itwith full electric propulsion such as in a battery or fuel cell powered vehicle.Generally, as the vehicle power plant content becomes increasingly moreelectric, the fuel efficiency improves and the cost and complexity increases.With rising fuel prices, vehicle makers are finding it much more feasible tojustify this added complexity and cost.

We believe that the trend toward increasing electrificationof vehicles will continue at an accelerated pace. Accordingly, we have developedand continue to develop, with funding from our customers, electric propulsionsystems and other motor and electronic products that will enable our customersto introduce alternative powered vehicles in the markets they serve, should theyelect to do so. An expanded description of the different degrees of vehicleelectrification follows:
**-  Electrification of engine driven auxiliaries - In        most existing conventional gasoline and diesel-powered vehicles,        under-the-hood components, such as water, oil and fuel pumps, power        steering systems, cooling fans and air conditioning compressors are        powered by engine belts, pulleys and gears. These devices perform their        functions very inefficiently and represent a significant load on the        engine. Because they are directly connected to the engine, there is no        way to independently vary their speed or modulate their power. The        electrification of these components provides numerous advantages        including: 1) variable speed and power operation which improves        efficiency and fuel economy, 2) the ability to locate them strategically        anywhere in the vehicle because an electric component does not require        proximity to an engine driven belt or gear, 3) improved controllability        and reliability and 4) flexible architectures and improved access for        service and maintenance. Existing conventional alternators do not        provide enough power to electrify the engine driven auxiliaries and must        be replaced with a higher power generator. The typical UQM(R) generator        is smaller, nearly twice as efficient and provides five times the power        of a conventional alternator. In addition, these higher power generators        can provide export power to power other on-board or off-board equipment.        This electrification strategy is easily adopted because required changes        to vehicle design and operation are the least disruptive and can improve        vehicle fuel economy by 7 to 15 percent.
 
Parallel hybrids - Parallel hybrid vehicles        incorporate an electric motor to join the internal combustion engine in        propelling the vehicle. In a low power configuration, often referred to        as a "mild hybrid", a starter/motor/generator that is        typically integrated into the flywheel of an engine, is used to combine        three separate functions in one electric machine. The machine starts the        engine, eliminating the need for a conventional starter, performs power        generation, eliminating a conventional belt driven alternator, and can        be run in motoring mode, supplying supplemental power to the driveline        to improve acceleration and vehicle performance. Higher power parallel        hybrids incorporate additional system features such as regenerative        braking and automatic engine shutdown and all-electric propulsion during        certain operating conditions. In a typical parallel hybrid vehicle,        acceleration from a standing-stop is generally performed by the motor in        all-electric mode up to a given speed at which time the engine starts        and the engine and electric motor work in parallel to accelerate the        vehicle. Once the vehicle achieves highway speed, the motor ceases        operation and the vehicle is propelled using the engine only. During        braking operations, the motor is switched to power generation mode and        used to recapture and store energy into a battery pack that is normally        lost as brake heat in conventional vehicles. The stored energy is then        consumed by the electric motor in the next acceleration cycle. If the        batteries need additional charging, the engine drives the machine in        generator mode sending electricity to charge the battery pack. These        vehicles have sufficient battery charging capacity to be self-sustaining        thereby eliminating the need to plug the vehicle into the electric power        grid. Depending on the vehicle's level of electric motive power and        its duty cycle, parallel hybrids can achieve fuel economy improvements        of 10 to 45 percent.
 
**-  Series hybrids - Series hybrid vehicles contain        a greater degree of electrification than parallel hybrids. In a typical        series hybrid vehicle, all of the motive power for the vehicle is        supplied by electric motors, thereby eliminating conventional driveline        components such as the transmission and drive shaft. Generally, series        hybrids contain a larger amount of batteries to store electrical energy        and the engine's principal function is to turn a separate generator to        produce the electrical energy necessary to maintain the state of charge        of the onboard battery pack. As in a parallel hybrid, during braking        operations, the motor is switched to power generation mode and used to        recapture and store energy into the battery pack that is normally lost        as brake heat in conventional vehicles. The stored energy is then        consumed by the electric motor in the next acceleration cycle. Also, as        in the parallel hybrid, a series hybrid vehicle has sufficient battery        charging capacity to be self-sustaining thereby eliminating the need to        plug the vehicle into the electric power grid. Because the engine serves        as an under-the-hood power plant, series hybrids typically have large        amounts of available onboard power to perform additional functions while        the vehicle is operating or when it reaches its final destination.        Depending on vehicle configuration and duty cycle, series hybrids can        achieve fuel economy improvements of 35 to 50 percent.
 
Plug-in hybrids - A plug-in hybrid vehicle can        be configured as either a parallel or a series hybrid, although the most        common is the parallel configuration. What distinguishes this category        of hybrid is that it is designed to operate in all-electric only mode        for a range of 20 to 40 miles and be charge depleting therefore        requiring it to be periodically plugged into and recharged from the        electric grid. Because a portion of the energy consumed by a plug-in        hybrid vehicle is acquired at a relatively low cost from the electrical        grid in addition to the efficiencies obtained from its hybrid        configuration, this category of vehicle can achieve fuel economy        improvements of 60 to 75 percent.
 
All-electric battery and fuel cell vehicles - All-electric        battery and fuel cell vehicles are powered entirely from electric energy        stored onboard in batteries or generated onboard by a fuel cell. In this        category of vehicle all motive power is produced by electric motors and        there is no engine and associated transmission, driveline and exhaust        components. Similarly, many vehicle functions currently performed by        auxiliaries attached to the engine through belts or gears, such as power        steering and air conditioning, must be performed using electric motors.        As with hybrid electric vehicles, all-electric battery powered vehicles        can switch the propulsion motor during braking operations to power        generation mode and recapture and store energy into the battery pack        that is normally lost as brake heat in conventional vehicles. The stored        energy is then consumed by the electric motor in the next acceleration        cycle. The energy needs of all-electric battery powered vehicles are        obtained by recharging their batteries using the electric power grid.        Fuel cells are energy production devices that generate electricity        through a chemical reaction of hydrogen and oxygen. The by-product of        this reaction is water therefore allowing for the total elimination of        vehicle exhaust emissions in this category of vehicle. Because there is        no battery energy storage in a fuel cell powered vehicle, there is no        opportunity for regenerative braking energy recapture. Fuel economy        improvements for all-electric battery and fuel cell vehicles are        generally 75 percent or greater.**Our Opportunity**
We have historically focused our resources on the developmentof products for the electrification of vehicles including electric motors,generators and electronic controls to power under-the-hood auxiliaries such aswater, oil and fuel pumps, power steering, cooling fans and air conditioningcompressors. In addition, we have developed highly efficient electric propulsionsystems for each category of vehicle described above with power levels of 0.5kWKw to 120 kWKw, which are suitable for vehicles ranging from wheelchairs topassenger automobiles to large trucks, tractors, construction equipment andmilitary vehicles. We have also developed DC-to-DC and DC-to-AC electronicproducts that step down high voltage electrical systems to 12 volts or convertDC power to consumer friendly 110 volt alternating current power. In addition weare pursuing the commercialization of our technology and products designed by usin numerous large existing markets where we intend to replace an existingsupplier through the introduction of technologically advanced products or lowercost systems or a combination of both.

We believe that our technology and products are well-suitedfor application in a wide range of vehicles as the trend toward electrificationcontinues to gain momentum. In this regard, we have focused our attention onseveral niche markets where we believe we can most effectively compete and whichwe expect to have higher than average rates of growth and expansion. A briefdescription of each of these markets follows:
**Over-the-road trucks - The U.S. Department of Energyestimated that in 2004, trucks consumed 8 million barrels of crude oil per dayand they project that by 2025, trucks will consume approximately two-thirds ofall crude oil used in transportation, or 12 million barrels of crude oil perday.

There are approximately 6 million trucks, buses and otherheavy-duty on-road vehicles sold in the United States each year. The market forthese vehicles is characterized by a large number of suppliers, a wide-range ofvehicle designs and configurations, diverse power and performance levels andrelatively low production volumes for each model. As a result, the typical truckmanufacturer is unlikely to have the technical expertise or financial resourcesto internally develop products that can compete in emerging markets forincreasingly electrified vehicles. Accordingly, we expect truck manufacturers topurchase products from suppliers who have developed technologically advancedelectric motors, generators and power electronic energy management controls thatcan be applied to their vehicles. During the current fiscal year we launchedproduction of an automotive certified DC-to-DC product for Eaton Corporationwhich is used onboard heavy duty hybrid trucks and delivered a motor/generatorsystem for long-haul Class 8 hybrid truck application. We are working with anumber of customers in the development and application of our products to bothtrucks and buses and expect to continue to aggressively pursue thecommercialization of our products as this market emerges over the next severalyears. Our customers in the over-the-road truck market include Eaton Corporationand International Truck and Engine Company for heavy-duty hybrid propulsionsystems and related electronic products; and Engineered Machined Products, Inc.for a variety of pump and cooling fan under-the-hood auxiliaries.
**Off-road vehicles - There are a wide range of off-roadvehicles sold in the United States each year. These vehicles range from thesmall - wheelchairs, golf carts, fork trucks, riding lawn mowers, snowmobiles,all-terrain vehicles, etc., to large construction, agricultural and miningequipment. The markets for small vehicles are typically characterized byrelatively high volumes, low power levels, and commodity pricing. We have beensupplying wheelchair motors to Invacare Corporation for the last six years andexpect to continue to supply field service parts for wheelchairs for theforeseeable future. In addition, we expect to continue to compete selectively inmarkets where the customer requires advanced technology or superior performanceand where acceptable gross profit margins are obtainable. The market for largeequipment- tractors, construction, mining and other specialty equipment-possesses many of the same characteristics as the over-the-road truck marketdescribed above. It is estimated that approximately 500,000 of these vehiclesare sold in the United States each year. Accordingly, we expect these vehiclemanufacturers to purchase products with similar specifications as those requiredin over-the-road trucks from suppliers who have developed technologicallyadvanced electric motors and power electronic energy management controls thatcan be applied to their vehicles. Although these vehicles are produced inrelatively lower volumes, they nevertheless represent a substantial opportunitydue to higher power levels, substantial technical complexity and thereforesubstantially higher product content and dollar value per vehicle.
**Other On-road vehicles - There are approximately 55million passenger vehicles sold worldwide each year. Several automotivemanufacturers have recently introduced hybrid electric models including Toyota,Honda and Ford. Many international automobile companies are also developing fuelcell powered vehicles that are essentially all-electric vehicles. In addition tothese automakers, a number of small entrepreneurial companies are developingvehicles for the market that are either plug-in hybrids or all-electricvehicles. During the current fiscal year we received a $9.25 million purchaseorder from one of these entrepreneurial automakers, Phoenix Motorcars, Inc., forelectric propulsion systems and DC-to-DC converters for Phoenix's all-electricSport Utility Truck. This initial order is for the delivery of 500 systems.Deliveries under this order commenced during the fourth fiscal quarter and areexpected to continue throughout fiscal 2008. Phoenix has further indicated thatthey hope to purchase up to an additional 6,000 systems following completion ofthe initial order to support the expected growth in their vehicle deliveries. Weexpect to continue to pursue opportunities with international automakers andsmaller entrepreneurial automakers to supply our electric propulsion systems andauxiliary motors and electronic products. Other customers include LippertComponents to whom we are supplying a vehicle auxiliary motor for use in one ofits products.
**Military vehicles - The U.S. military purchases a widerange of ground vehicles each year including combat vehicles such as tanks,self-propelled artillery and armored personnel carriers, as well as a variety oflight, medium and heavy-duty trucks for convoy and supply operations and for thetransport of fuel used on the battlefield. The military is particularlyinterested in the electrification of vehicles because the attributes thesevehicles possess offer exceptional potential for the military to achieve itslong-term objectives of developing a highly mobile, lethal fighting force. Fueleconomy improvements in military vehicles transfer into substantial savings insupport infrastructure and transportation costs associated with transportingfuel to the battlefield, which is typically thousands of miles from the UnitedStates. For example, if fuel economy improvements of 25 percent are achieved inthe average truck, a corresponding amount of fuel does not have to betransported and therefore a corresponding number of airplanes or tankers are notrequired in the transportation process. Also, the availability of onboardelectrical power on vehicles opens up new opportunities for the development ofsophisticated surveillance, detection and battlefield monitoring equipment andfor laser, microwave and electrical pulse weapon systems. It is estimated thatthe military purchases approximately 8,000 trucks per year and greater numbersduring periods of armed conflict. As is the case with large off-road equipment,these vehicles are produced in relatively lower volumes, operate at higher powerlevels, have substantial technical complexity and therefore substantially higherproduct content and dollar value per vehicle.
**Distributed power generation - As the price of crudeoil and natural gas has continued to rise over the last several years, there hasbeen an increased focus on the development and adoption of clean, renewableenergy products including wind turbine power generators, solar panels andstationary fuel cell power generators. In addition, many experts believe thatpower users will increasingly consider on-site power generation using diesel ornatural gas fueled internal combustion engine generators as an alternative topower supplied over the electrical grid. We have developed and expect tocontinue to develop generators for this market. In addition, we have alsodeveloped DC to AC electronic power inverters for use in distributed powergeneration applications to convert the DC output of these devices to usable ACpower for the homeowner or business.
**Other markets - We have also developed and expect tocontinue to develop electric products for the aircraft and aerospace market andthe boat and marine market. In the aerospace market, we have developed auxiliarypower units for the generation of onboard power and other electric auxiliarysystems such as components for aircraft air conditioning systems. We have alsodeveloped hybrid propulsion systems for various boat applications. We believethat the fuel efficiency benefits of vehicle electrification can also berealized in the boat and marine markets. Although our focus is primarily on landapplications, we will continue to leverage our technology and products in thesepotentially large niche markets.
**Manufacturing strategy - Nearly all existing marketapplications utilize low cost components, making it difficult for the customerto justify the adoption of more costly and technologically superior components.In order to successfully compete in these cost driven markets, we have adopted apart sourcing and manufacturing strategy designed to provide high quality andlow pricing for our customers. In 1998, our manufacturing operations achievedISO 9002 quality certification, and we have recently adopted the AdvancedProduct Quality Planning ("APQP") automotive quality procedures.

Our strategy for the near term is to source components withquality suppliers and to perform final assembly, testing, pack-out and shippingfrom our Frederick, Colorado facility. We have established relationships withmany low cost suppliers, including a number of international companies. We alsooperate a highly automated, flexible, mixed model assembly system which iscomputer controlled and monitored for quality assurance and consistentperformance. Depending on product complexity and mix, we believe we havemanufacturing capacity of up to 250,000 units per shift per year. We also own2.5 acres of land adjacent to our current facility where we can construct anadditional 25,000 sq. ft. of manufacturing floor space.
**Business Segments**
At March 31, 2007, we had two reportable segments. Thesereportable segments are strategic business units that offer different productsand services and are managed separately because of their different businessstrategies.
***Technology Segment

Our technology segment encompasses the operations of ourEngineering and Product Development Center which shares a 28,000 square footfacility located in Frederick, Colorado with our motor manufacturing operationswhich are reported in the power products segment. The Engineering and ProductDevelopment Center is equipped with research and development laboratories,prototype build and test facilities for electric motors, generators, powerelectronic controllers, software, and vehicle integration activities. Thetechnology segment conducts customer funded and internally-funded research andengineering activities directed toward: 1) the development of new motors,generators, and power electronic controllers to meet the requirements ofcustomers' specific product applications; 2) integration of our motors,generators and power electronic controllers into customers' products; and 3)support of our power products segment and the low volume manufacture of motors,generators and power electronic controllers.
***Power Products Segment***
Our power products segment encompasses the operations of ourwholly-owned subsidiary, UQM Power and shares a 28,000 square foot facilitylocated in Frederick, Colorado with the technology segment. UQM Power is an ISO9002 quality certified manufacturer of motors and electronic products designedby the company.
***Electronic Products Segment - Discontinued Operations***
In May 2004, we completed the divestiture of the assets ofour electronics product segment. This business consisted of the manufacture ofthru-hole and surface mount electronic printed circuit board assemblies, wireharness assemblies, value-added component assemblies incorporating eitherprinted circuit board assemblies, wire harness assemblies or both, and completeturn-key electronic product builds. The operations of this divested business arereported as discontinued operations in our statements of operations for thefiscal years ended March 31, 2007, 2006 and 2005. See also "Management'sDiscussion and Analysis of Financial Condition and Results of Operations"below.
**Competition**
All of the markets in which we operate are highlycompetitive. The markets served by the technology segment are additionallycharacterized by rapid changes due to technological advances that can renderexisting technologies and products obsolete.

The technology segment has developed advanced electricpropulsion systems and components which we hope to market to vehicle originalequipment manufacturers and their Tier I suppliers throughout the world for usein electric, hybrid electric, plug-in hybrid electric and fuel cell electricvehicles. In recent years, the market for hybrid electric automobiles has begunto emerge led by the introduction and market success of hybrid electric vehiclesmanufactured by Toyota, Honda and Ford. As a result, additional vehicle makersin both on-road and off-road markets are expected to develop and introduce avariety of hybrid electric vehicles as the market acceptance of these vehiclescontinues to grow. We cannot assure you that we will be able to competesuccessfully in this market or any other market that now exists or may developin the future. There are numerous companies developing products that do or soonwill compete with our systems. Some of these companies possess significantlygreater financial, personnel and other resources than we do, includingestablished supply arrangements and volume manufacturing operations. We believeour principal competitors include Honda, Toyota, Hitachi, Toshiba, Siemens,Delphi, and ENOVA.

The power products segment competes primarily in theautomotive, heavy equipment, military, aerospace and medical productsindustries. Each of these industries is extremely competitive. We facesubstantial competition on a continuing basis from numerous companies, many ofwhom possess longer operating histories, significantly greater financialresources and marketing, distribution and manufacturing capability. We believeour principal competitors include Advanced DC, Allied Motion, Emerson Electric,General Electric, Moog, Rockwell International, and Baldor.
**Patents**
We hold several groups or families of patents.

U.S. Patent Nos. 5,004,944, 5,311,092 and 5,319,844 discloseand claim an electromagnetic transducer and method of making the same.Corresponding applications have been filed and issued in several foreigncountries. Some of the foreign patents have expired.

U.S. Patent No. 5,107,151 discloses and claims a switchingcircuit employing semi-conductor devices in series with an inductor to avoidcommutation breakdown and extending the current range of switching by using IGBTdevices. Corresponding applications have been filed in foreign countries, someof which have issued, and some of which have been abandoned.

U.S. Patent No. 5,592,731 and U.S. Patent No. 5,382,859relate to a stator for high-power density electric motors and generators, and amethod of constructing the same. Corresponding applications have been filed inforeign countries.

U.S. Patent No. 5,677,605 discloses and claims a brushlessmotor and drive system using phase timing advancement. Correspondingapplications have been filed in foreign countries, some of which are issued,some of which have been abandoned, and some of which are pending.

U.S. Patent No. 5,982,063 discloses and claims an electricmotor having an internal brake. Corresponding patent applications have beenfiled in foreign countries. Some of the foreign applications have issued, andothers are still pending.

U.S. Patent Nos. 6,522,130 and 6,693,422 disclose and claim amethod for controlling a brushless electric motor having a rotor, and relates toa method for sensing rotor position and detecting rotational speed.Corresponding applications have been filed and are pending in several foreigncountries. The foreign applications have either issued or are still pending.

In 1994, we executed an agreement with Alcan AluminiumLimited ("Alcan") in which Alcan assigned to us all of its rights,title and interests in certain motor technology developed under a program fundedby Alcan.   This agreement further provides that we shall pay to Alcanroyalties of one-half of one percent on revenue derived from the manufacture andsale of products or processes embodying the related technology. Royalty paymentsunder this agreement for the fiscal years ended March 31, 2007, 2006 and 2005were $23,848, $19,377 and $20,833, respectively.

We also intend to rely on the unpatented proprietary know-howwe have developed and now utilize in our products. We cannot provide assurancethat others will not independently develop, acquire or obtain access to ourtechnology. Although we protect our unpatented proprietary rights by executingconfidentiality agreements with our management, employees and others with accessto our technology, these measures may not be adequate to protect us fromdisclosure or misappropriation of our proprietary information.
**Trademarks**
We have registered the letters "UQM" in the U.S.Patent and Trademark Office. Counterpart applications have been filed innumerous countries throughout the world, most of which have grantedregistrations or indicated them to be allowable. We own three U.S. TrademarkRegistrations for "UQM" (International Class 7 for power transducers,Class 12 for utility land vehicles, and Class 16 for publications). The foreigntrademark registrations and applications include major markets where we aredoing business or establishing business contacts.

We have also registered the trademark "POWERPHASE"which we use in conjunction with certain of our propulsion systems.Corresponding applications for trademark registration were filed in 11countries. The trademark is registered in the European Community and variousother foreign countries.
**Backlog**
Our technology segment had unperformed service contracts fromcustomers, which will provide future revenue upon completion totalingapproximately $2.7 million and an order backlog for prototype motors andcontrollers of approximately $1.4 million at April 30, 2007 compared to $2.2million and $0.1 million, respectively at April 30, 2006. All such servicecontracts are subject to amendment, modification or cancellation. We expect tocomplete all unperformed service contracts over the next twenty months and shipmotor and controller backlog products over the next sixteen months.

Our power products segment had an order backlog ofapproximately $15.1 million at April 30, 2007 compared to $2.1 million at April30, 2006. Most orders are issued to us as blanket purchase orders subject to theissuance of subsequent non-cancelable release orders which direct the number andtiming of actual deliveries. Substantially all of the backlog amounts at March31, 2007 and 2006 are subject to amendment, modification or cancellation. Weexpect to ship all backlog products within the next twenty-four months.
**Customers and Suppliers**
We have historically derived significant revenue from a fewkey customers. Revenue from Invacare Corporation, which is a customer of ourpower products segment, was $830,637, $681,000, and $1,370,792 for the fiscalyears ended March 31, 2007, 2006 and 2005, respectively, representing 12.5percent, 15.8 percent and 28.8 percent of consolidated total revenue,respectively. This customer also represented 23.4, nil and 36.5 percent of totalaccounts receivable at March 31, 2007, 2006 and 2005, respectively. Inventoriesconsisting of raw materials, work-in-process and finished goods for InvacareCorporation were 11.1 and 10.2 percent of consolidated total inventories atMarch 31, 2007 and 2006, respectively. Revenue from Lippert Components, Inc.,which is also a customer of our power products segment, was $1,059,930, $64,263and zero for the fiscal years ended March 31, 2007, 2006 and 2005, respectively,representing 15.9 percent, 1.5 percent and nil of consolidated total revenue,respectively. This customer also represented 6.9, 12.9 and nil percent of totalaccounts receivable at March 31, 2007, 2006 and 2005, respectively. Inventoriesconsisting of raw materials, work-in-process and finished goods for LippertComponents, Inc. were 21.9 and 3.4 percent of consolidated total inventories atMarch 31, 2007 and 2006, respectively.

Principal raw materials and components purchased by usinclude iron, steel, electronic components, magnet material and copper wire.Most of these items are available from several suppliers. Certain componentsused by us are custom designs and if our current supplier no longer made themavailable to us, we could experience production delays.
**U.S. Government Contracts**
Revenue derived from contracts with agencies of the U.S.Government and from subcontracts with U.S. Government prime contractors was$2,313,856 or approximately 34.8 percent of our consolidated total revenue, forthe year ended March 31, 2007, $1,847,300, or approximately 42.7 percent of ourconsolidated total revenue, for the year ended March 31, 2006 and $1,271,781, orapproximately 26.7 percent of consolidated total revenue, for the year endedMarch 31, 2005. Accounts receivable from government-funded contracts represented32 percent and 50 percent of total accounts receivable as of March 31, 2007 and2006, respectively.

Some of our business with the U.S. Government was performedon a cost plus fixed fee basis. These contracts provide for reimbursement ofcosts, to the extent allocable and allowable under applicable regulations, andpayment of a fee. Certain other contracts with the U.S. Government provide forthe reimbursement of costs on a 50 percent cost-sharing basis based onnot-to-exceed billing rates negotiated between the U.S. Government and us. OtherU.S. Government business is performed under firm fixed price contracts. On"cost-share" and "firm fixed price" contracts, we can incuran actual loss in the performance thereof if incurred costs exceed the contractamount. All of our U.S. Government contracts are subject to modification orcancellation at the convenience of the Government.
**Employee and Labor Relations**
As of April 30, 2007, we had 53 full-time employees. We haveentered into employment contracts with two of our executive officers. One ofthese contracts expires on December 31, 2007 and the other expires on December31, 2010. None of our employees are covered by a collective bargainingagreement. We believe our relationship with employees has been generallysatisfactory.

In addition to our full-time staff, we from time to timeengage the services of outside consultants and contract labor to meet peakworkload or specialized program requirements. We do not anticipate anydifficulty in locating additional qualified engineers, technicians andproduction workers, if so required, to meet expanded research and development ormanufacturing operations.
**ITEM 1A.**RISK FACTORS
Our business is subject to a number of risks anduncertainties, many of which are outside of our control.
**We have incurred significant losses and may continue to doso.**
We have incurred significant net losses as shown in thefollowing tables:
 
                                      Fiscal      Year Ended March      31,                                
      2007       
      2006       
     2005          
Net loss
$  3,431,357 
$   2,784,970 
$ 1,868,896 
We have had accumulated deficits as follows:

 
March 31, 2007
$ 60,437,115   
March 31, 2006
$ 56,796,847 
In the future we plan to make additional investments inproduct development and commercialization, which is likely to cause us to remainunprofitable.
**Our operating losses and working capital requirements couldconsume our current cash balances.**
Our net loss for the fiscal year ended March 31, 2007 was$3,431,357 versus a net loss last fiscal year of $2,784,970. At March 31, 2007,our cash and short-term investments totaled $7,934,005. If our losses continue,operations could consume some or all of our cash balances. We expect to makeadditional investments in human resources, manufacturing facilities andequipment, production and application engineering, among other things, in orderto effectively compete in the emerging market for electric and hybrid electricvehicles. We cannot assure, however, that our existing cash resources will besufficient to complete our business plan. Should our existing cash resources beinsufficient, we may need to secure additional funding. We cannot assure you,however, that funding will be available on terms acceptable to us, if at all.
**Some of our contracts can be cancelled with little or nonotice and could restrict our ability to commercialize our technology.**
Some of our technology has been developed under governmentfunding by United States government agencies. In some cases, government agenciesin the United States can require us to obtain or produce components for oursystems from sources located in the United States rather than foreign countries.Our contracts with government agencies are also subject to the risk oftermination at the convenience of the contracting agency and in some cases grant"march-in" rights to the government. March-in rights are the right ofthe United States government or the applicable government agency, under limitedcircumstances, to exercise a non-exclusive, royalty-free, irrevocable worldwidelicense to any technology developed under contracts funded by the government tofacilitate commercialization of technology developed with government funding.March-in rights can be exercised if we fail to commercialize the developedtechnology. The implementation of restrictions on our sourcing of components orthe exercise of march-in rights by the government or an agency of the governmentcould restrict our ability to commercialize our technology.

Some of our orders for the future delivery of products areplaced under blanket purchase orders which are cancelable by our customers atany time prior to the issuance of non-cancelable product release orders whichspecify product delivery dates and quantities to be delivered.
**We face intense competition in our motor development and maybe unable to compete successfully.**
In developing electric motors for use in vehicles and otherapplications, we face competition from very large domestic and internationalcompanies, including the world's largest automobile manufacturers. Thesecompanies have far greater resources to apply to research and developmentefforts than we have, and they may independently develop motors that aretechnologically more advanced than ours. These competitors also have muchgreater experience in and resources for marketing their products.
**If we fail to develop and achieve market acceptance for ourproducts, our business may not grow.**
We believe our proprietary systems are suited for a widerange of electric and vehicle electrification applications. We currently expectto make substantial investments in human resources, manufacturing facilities andequipment, production and application engineering, among other things, tocapitalize on the anticipated expansion in demand for products related to thismarket area. However, our experience in this market area is limited. Our salesin this area will depend in part on the market acceptance of and demand for ourproprietary propulsion systems and related future products. We cannot be certainthat we will be able to introduce or market our products, develop other newproducts or product enhancements in a timely or cost-effective manner or thatour products will achieve market acceptance.
**If we are unable to protect our patents and other proprietarytechnology, we will be unable to prevent third parties from using ourtechnology, which would impair our competitiveness and ability to commercializeour products. In addition, the cost of enforcing our proprietary rights may beexpensive and result in increased losses.**
Our ability to compete effectively against other companies inour industry will depend, in part, on our ability to protect our proprietarytechnology. Although we have attempted to safeguard and maintain our proprietaryrights, we do not know whether we have been or will be successful in doing so.We have historically pursued patent protection in a limited number of foreigncountries where we believe significant markets for our products exist or wherepotentially significant competitors have operations. It is possible that asubstantial market could develop in a country where we have not received patentprotection and under such circumstances our proprietary products would not beafforded legal protection in these markets. Further, our competitors mayindependently develop or patent technologies that are substantially equivalentor superior to ours. We cannot assure that additional patents will be issued tous or, if they are issued, as to the scope of their protection. Patents grantedmay not provide meaningful protection from competitors. Even if a competitor'sproducts were to infringe patents owned by us, it would be costly for us topursue our rights in an enforcement action, it would divert funds and resourceswhich otherwise could be used in our operations and we cannot assure that wewould be successful in enforcing our intellectual property rights. In addition,effective patent, trademark, service mark, copyright and trade secret protectionmay not be available in every country where we may operate or sell our productsin the future. If third parties assert technology infringement claims againstus, the defense of the claims could involve significant legal costs and requireour management to divert time and attention from our business operations. If weare unsuccessful in defending any claims of infringement, we may be forced toobtain licenses or to pay royalties to continue to use our technology. We maynot be able to obtain any necessary licenses on commercially reasonable terms orat all. If we fail to obtain necessary licenses or other rights, or if theselicenses are costly, our results of operations may suffer either from reductionsin revenues through our inability to serve customers or from increases in coststo license third-party technologies.
**Use of our motors in vehicles could subject us to productliability claims, and product liability insurance claims could cause an increasein our insurance rates or could exceed our insurance limits, which could impairour financial condition, results of operations and liquidity.**
Because some of our motors are designed to be used invehicles, and because vehicle accidents can cause injury to persons andproperty, we are subject to a risk of claims for product liability. We carryproduct liability insurance of $1 million covering all of our products. If wewere to experience a large insured loss, it might exceed our coverage limits, orour insurance carriers could decline to further cover us or raise our insurancerates to unacceptable levels, any of which could impair our financial positionand results of operations.
**ITEM 1B.**UNRESOLVED STAFF COMMENTS 
None.
 
**ITEM 2.**PROPERTIES 
We own or lease our offices and manufacturing      facilities and believe these facilities to be well maintained, adequately      insured and suitable for their present and intended uses. Information      concerning our facilities as of March 31, 2007 is set forth in the table      below:  
Ownership or 
                 Location                   
Square Feet
Expiration Date of Lease
                          Use                            
Frederick, Colorado
28,000
Own
Manufacturing, laboratories and offices
St. Charles, Missouri (1)
31,000
March 31, 2007
Manufacturing and offices  
(1)
We have completed a sublease on this facility which was previously      occupied by our divested contract electronics manufacturing business.**ITEM 3.**LEGAL PROCEEDINGS **Litigation 
We are involved in various claims and legal actions      arising in the ordinary course of business. In the opinion of management,      and based on current available information, the ultimate disposition of      these matters is not expected to have a material adverse effect on our      financial position, results of operations or cash flow, although adverse      developments in these matters could have a material impact on a future      reporting period. **ITEM 4.**SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 
There were no matters submitted to a vote of security      holders of the Company during the quarter ended March 31, 2007.
 
**PART II    **ITEM 5.**MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED      STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 
Our common stock trades on the American, Chicago and      Pacific Stock Exchanges. The high and low trade prices, by fiscal quarter,      as reported by the American Stock Exchange for the last two years are as      follows: 
2007
 High
 Low
Fourth Quarter
$4.68
$2.70
Third Quarter
$3.10
$2.50
Second Quarter
$3.45
$2.19
First Quarter
$6.46
$2.62   
2006
 High
 Low
Fourth Quarter
$4.49
$3.66
Third Quarter
$4.07
$3.32
Second Quarter
$4.75
$3.08
First Quarter
$4.08
$2.80
 

On May 15, 2007 the closing price of our common stock,      as reported on the American Stock Exchange, was $4.17 per share and there      were 770 holders of record of our common stock. 
We have not paid any cash dividends on our common stock      since inception and we intend for the foreseeable future to retain any      earnings to finance the growth of our business. Future dividend policy      will be determined by the Board of Directors based upon consideration of      our earnings, capital needs and other factors then relevant.
 
**ITEM 6.**SELECTED FINANCIAL DATA 
UQM Technologies, Inc. 
Consolidated Selected Financial Data  
                                                    Year      Ended March      31,                                              
        2007     
       2006     
     2005     
      2004     
      2003     
Contract services revenue
$   2,907,536 
   2,502,098 
 2,281,427 
 2,747,833 
2,985,639 
Product sales
$   3,745,658 
   1,820,468 
2,481,864 
 2,293,071 
4,566,721 
Loss from continuing operations
before other income (expense)
$ (3,800,722)
 (3,039,659)
 (1,837,480)
(1,426,059)
(1,235,780)
Loss from continuing operations
$ (3,402,566)
 (2,757,386)
(1,814,695)
(1,422,315)
(933,507)
Discontinued operations
$      (28,791)
      (27,584)
(54,201)
(3,364,638)
(2,665,143)
Net loss
$ (3,431,357)
 (2,784,970)
(1,868,896)
(4,786,953)
(3,598,650)      
Net loss per common share -      
basic and diluted:     
Continuing operations
$     (0.14)     
     (0.11)     
(0.09)     
(0.07)     
(0.05)       
Discontinued operations
   -          
   -          
   -          
(0.18)     
(0.14)      
$     (0.14)     
     (0.11)     
    (0.09)     
(0.25)     
(0.19)     
       
        
    
    
   
Total assets
$ 14,012,607 
 14,796,088 
13,159,640 
8,721,258 
11,492,562       
Long-term obligations (1)
$   1,167,224 
      924,559 
 946,170 
1,072,034 
1,189,262       
Cash dividend declared per      
common share
$        -0-       
-0-       
-0-       
-0-       
-0-             
(1) Includes current portion of long-term obligations, but excludes      obligations of discontinued operations.
 
**ITEM 7.**MANAGEMENT'S DISCUSSION AND ANALYSIS OF **FINANCIAL CONDITION AND RESULTS OF OPERATIONS*This Report contains statements that constitute"forward-looking statements" within the meaning of Section 27A of theSecurities Act and Section 21E of the Securities Exchange Act. These statementsappear in a number of places in this Report and include statements regarding ourplans, beliefs or current expectations; including those plans, beliefs andexpectations of our officers and directors with respect to, among other things,the development of markets for our products, the adequacy of our cash balancesand liquidity to meet future operating needs, and our ability to issue equity ordebt securities. Important Risk Factors that could cause actual results todiffer from those contained in the forward-looking statements are listed belowin Part I, Item 1A. Risk Factors.***Introduction**
We generate revenue from two principal activities: 1)research, development and application engineering services that are paid for byour customers; and 2) the sale of motors, generators and electronic controls.The sources of engineering revenue typically vary from year to year andindividual projects may vary substantially in their periods of performance andaggregate dollar value. Our product sales consist of both prototype low volumesales, which are generally sold to a broad range of customers, and annuallyrecurring higher volume production. During the fiscal year ended March 31, 2007we received several significant production orders including a $3.0 millionadd-on order for vehicle auxiliary motors, a $1.9 million order for DC-to-DCconverters for heavy duty hybrid electric trucks and a $9.25 million order forelectric propulsion systems and DC-to-DC converters for an all-electric pickuptruck built by Phoenix Motorcars, Inc. Primarily as a result of these orders,our UQM Power Products, Inc. higher volume production backlog was $15.1 millionand our total company backlog grew to $19.2 million as of March 31, 2007.Revenue from funded engineering activities for the fiscal year ended March 31,2007 rose to $2.9 million versus $2.5 million last fiscal year and $2.3 millionfor the fiscal year ended March 31, 2005. Product sales revenue for the fiscalyear ended March 31, 2007 rose to $3.7 million versus $1.8 million and $2.5million for the fiscal years ended March 31, 2006 and 2005, respectively,primarily as a result of shipments against these orders. We expect to ship asubstantial portion of our backlog during fiscal 2008. Consequently, we expectrevenue to increase significantly and gross profit margins on product sales toimprove due to improved overhead absorption across all production products. Theanticipated reduction in operating losses from these factors will be partiallyoffset by larger production engineering costs associated with the productionlaunch for Phoenix Motorcars, Inc. Nevertheless, operating losses for the fiscalyear are expected to be below those for the current fiscal year. As a result ofthis expected growth, we believe our working capital requirements will expandsubstantially, consuming a significant portion of our available cash resourcesat March 31, 2007.

Although we allocated greater engineering resources tointernally funded research and development and production engineeringactivities, our revenue from funded engineering activities increased byapproximately 16 percent to $2.9 million this fiscal year versus last fiscalyear due principally to improved productivity and a strong order backlog.Expenditures on production engineering activities for the fiscal year rose to$1.3 million, versus $0.8 million and $0.2 million, in each of the preceding twofiscal years due to engineering requirements associated with the productionorders noted above

Loss from continuing operations for the current fiscal yearrose to $3.4 million or $0.14 per common share versus $2.8 million, or $0.11 percommon share and $1.8 million, or $0.09 per common share for the fiscal yearsended March 31, 2006 and 2005, respectively. The increase in losses versus lastfiscal year is primarily attributable to our growing investment in productionengineering activities, research and development activities, higher levels ofselling, general and administrative expense, and expenses related to theimplementation of new stock option accounting rules which added $957,756 tofiscal 2007 losses. The increase in losses versus the fiscal year ended March31, 2005, is generally attributable to lower gross profit margins and increasedinvestments in production engineering activities.

In May 2004, we divested a contract electronics manufacturingbusiness. Operating losses from this business for all periods presented havebeen reclassified to discontinued operations and contributed nil per commonshare to our consolidated net loss for the fiscal years ended March 31, 2007,2006 and 2005.

We believe our existing cash and short-term investments,which amounted to approximately $7.9 million at fiscal year end, will beadequate to fund our anticipated growth for the fiscal year ended March 31,2008, however, if our growth continues to accelerate beyond fiscal 2008 we mayrequire additional capital.
**Financial Condition**
Cash and cash equivalents and short-term investments at March31, 2007 were $7,934,005 and working capital (the excess of current assets overcurrent liabilities) was $8,909,577 compared with $10,086,200 and $10,415,409,respectively, at March 31, 2006. The decrease in cash and short-term investmentsand working capital is primarily attributable to higher operating losses, higherlevels of accounts receivable, inventories, prepaid and other current assets,investments in property and equipment, and cash used in discontinued operations.

Accounts receivable increased $922,277 to $1,434,686 at March31, 2007 from $512,409 at March 31, 2006. The increase is primarily attributableto higher contract service billings, product shipments and a slower paymentprofile by one customer during the fourth quarter of fiscal 2007. During thefiscal year ended March 31, 2006 a customer with an outstanding accountreceivable balance filed for bankruptcy protection resulting in a charge to baddebt expense of $63,000. Despite the occurrence of this event, substantially allof our customers are large well-established companies of high credit quality.Accordingly, we have not established an allowance for bad debts at March 31,2007 and similarly, no allowance for bad debts was deemed necessary at March 31,2006.

Costs and estimated earnings on uncompleted contractsdecreased $262,131 to $187,913 at March 31, 2007 versus $450,044 at March 31,2006. The decrease is due to more favorable billing terms on contracts inprocess at March 31, 2007 versus March 31, 2006. Estimated earnings on contractsin process decreased to $155,436 or 7.5 percent of contracts in process of$2,071,818 at March 31, 2007 compared to estimated earnings on contracts inprocess of $221,382 or 8.2 percent of contracts in process of $2,695,407 atMarch 31, 2006. The decrease in estimated margins on contracts in process isattributable to higher overhead rates on engineering projects this fiscal yearversus last fiscal year.

Inventories increased $432,400 to $899,885 at March 31, 2007principally due to higher levels of scheduled product shipments and higherlevels of raw material inventories associated with the sourcing of partsinternationally. Raw materials, work-in-process and finished goods inventoriesincreased $275,809, $62,365 and $94,226, respectively, reflecting higher levelsof scheduled product shipments.

Prepaid expenses and other current assets increased to$279,343 at March 31, 2007 from $118,439 at March 31, 2006 primarily due tohigher levels of prepayments on capital equipment at the end of the currentfiscal year versus the prior fiscal year end.
**
We invested $397,008 for the acquisition of property andequipment during the fiscal year compared to $420,990 last fiscal year. Thedecrease in capital expenditures is primarily due to reduced purchases ofwarehousing equipment, this fiscal year versus last fiscal year.

Patent and trademark costs decreased $70,079 to $482,303 atMarch 31, 2007 versus $552,382 at March 31, 2006 due to systematic amortizationof patent issuance costs.

Other assets increased to $55,650 at March 31, 2007 from$5,053 at March 31, 2006 due to the addition of a long-term investment duringfiscal 2007.

Accounts payable increased $448,503 to $982,931 at March 31,2007 from $534,428 at March 31, 2006, primarily due increased purchases of rawmaterials associated with higher product shipments during the fiscal year.

Other current liabilities increased $35,855 to $344,952 atMarch 31, 2007 from $309,097 at March 31, 2006*.*The increase is primarilyattributable to higher levels of customer deposits and accrued warranty claims.

Short-term deferred compensation under executive employmentagreements increased to $149,325 at March 31, 2007 versus zero at March 31, 2006reflecting potential payouts to Mr. Rankin under his employment agreement thatare potentially payable within one year should he elect to retire.

Liabilities and commitments of discontinued operations were$13,847 at March 31, 2007 compared to $62,004 at March 31, 2006. The decrease isattributable to payments during the fiscal year on the master lease for thefacility previously occupied by our discontinued contract electronics business.See also Results of Discontinued Operations below and note 11 to theconsolidated financial statements.

Billings in excess of costs and estimated earnings onuncompleted contracts increased $90,911 to $312,537 at March 31, 2007 from$221,626 at March 31, 2006 reflecting increased levels of billings onengineering contracts in process at the end of the fiscal year ended March 31,2007 in advance of the performance of the associated work versus the priorfiscal year.

Long-term debt, less current portion decreased $98,760 to$522,925 at March 31, 2007 from $621,685 at March 31, 2006 reflecting scheduledprincipal repayments on the mortgage debt for our Frederick, Colorado facility.

Long-term deferred compensation under executive employmentagreements increased to $396,214 from 210,861 at March 31, 2007 reflectingadditional accruals throughout the fiscal year and the effect of adopting StaffAccounting Bulletin 108, *Considering the Effects of Prior Year MisstatementsWhen Quantifying Misstatements in Current Year Financial Statements*("*SAB108"*)*.* See also note 1(p) to the consolidated financialstatements below.

Common stock and additional paid-in capital increased to$251,769 and $71,376,462, respectively, at March 31, 2007 compared to $247,760and $69,293,461 at March 31, 2006. The increases were primarily attributable tothe exercise of common stock options and warrants and the recording of non-cashshare based payments under Statement of Financial Accounting Standards No. 123(revised), *Share-Based Payment*("*SFAS 123(R)"*). See alsonote 2 to the consolidated financial statements below.
**Results of Continuing Operations**
Continuing operations for the fiscal year ended March 31,2007, resulted in a loss of $3,402,566, or $0.14 per common share, compared to aloss from continuing operations of $2,757,386, or $0.11 per common share, and$1,814,695, or $0.09 per common share, for the fiscal years ended March 31, 2006and 2005, respectively. The increase in the current year loss from continuingoperations is primarily attributable to the inclusion of stock option expense,higher expenditures for internally-funded research and development, productionengineering activities, and selling, general and administrative expenses. Stockoption expense for the fiscal year ended March 31, 2007 required by the adoptionof SFAS 123R during the fiscal year is as follows:

Cost of contract services
$ 154,828          
Cost of product sales
48,606          
Research and development
22,612          
Production engineering
113,013          
Selling, general and administrative
618,697            
$ 957,756          
No stock option expense was recorded in our consolidatedstatements of operations for the fiscal years ended March 31, 2006 and 2005,respectively.

Revenue from contract services increased $405,438, or 16.2percent, to $2,907,536 for the fiscal year ended March 31, 2007 versus$2,502,098 for the fiscal year ended March 31, 2006. The increase isattributable to higher levels of material and subcontract revenue this fiscalyear versus the last fiscal year. Revenue from contract services increased 9.7percent to $2,502,098 for the fiscal year ended March 31, 2006 compared to$2,281,427 for the fiscal year ended March 31, 2005. The increase was primarilyattributable to higher staff utilization during fiscal 2006 versus fiscal 2005.

Product sales this fiscal year more than doubled to$3,745,658 compared to $1,820,468 for the fiscal year ended March 31, 2006.Product sales for the fiscal year ended March 31, 2006 decreased 26.6 percent to$1,820,468 compared to $2,481,864 for the year ended March 31, 2005. Powerproducts segment revenue for the year ended March 31, 2007 more than tripled to$2,626,939 versus $862,666 for fiscal year ended March 31, 2006 due to increasedproduction levels for auxiliary motors and the launch of production of DC-to-DCconverters for hybrid electric trucks. Power products segment revenue for theyear ended March 31, 2006 decreased $811,511, or 48.5 percent, to $862,666compared to $1,674,177 for fiscal year ended March 31, 2005 due to decreasedshipments of wheelchair propulsion motors. Technology segment product revenuefor the fiscal year ended March 31, 2007 increased $160,917, or 16.8 percent, to$1,118,719 compared to $957,802 for fiscal year ended March 31, 2006 due toincreased shipments of low volume generators and controllers to the DenverRegional Transportation District for use in their hybrid electric shuttle buses.Technology segment product revenue for the fiscal year ended March 31, 2006increased to $957,802 compared to $807,687 for fiscal year ended March 31, 2005due to increased shipments of prototype controllers.

Gross profit margins for the fiscal year increased to 10.0percent compared to 4.2 for the fiscal year ended March 31, 2006. Gross profitmargins for the fiscal year ended March 31, 2006 decreased to 4.2 percent versus5.7 percent for the fiscal year ended March 31, 2005. Gross profit on contractservices increased to 8.3 percent this fiscal year compared to 1.2 percent forthe fiscal year ended March 31, 2006 due to fewer cost overruns on programsduring the current fiscal year. Gross profit on contract services for the fiscalyear ended March 31, 2006 increased to 1.2 percent from negative 9.4 percent forthe fiscal year ended March 31, 2005 due to decreased levels of cost overruns onprograms during fiscal 2006. Gross profit margin on product sales this fiscalyear increased to 11.3 percent compared to 8.2 percent for fiscal 2006. Theincreased is primarily due to improved overhead absorption during the currentfiscal year. Gross profit margin on product sales for the fiscal year endedMarch 31, 2006 decreased to 8.2 percent compared to 19.6 percent for the fiscalyear ended March 31, 2005 due to decreased overhead absorption.

Research and development expenditures for the fiscal yearended March 31, 2007 increased to $321,160 compared to $241,563 and $171,918 forthe fiscal years ended March 31, 2005 and 2004, respectively. The increase inresearch and development expenditures for the fiscal year ended March 31, 2007compared to the prior fiscal year was primarily due to expenditures to enhancethe capability and function of the embedded microprocessor that manages theoperation of our motor controllers and additional compensation expense arisingfrom the expensing of stock options. The increase in research and developmentexpenditures for fiscal 2006 versus fiscal 2005 is primarily attributable tohigher levels of work applied to cost-share type contracts and internally fundedprograms

Production engineering costs were $1,286,761 for the fiscalyear ended March 31, 2007 versus $783,579 and $211,933 for the prior two fiscalyears. The increase for the fiscal year ended March 31, 2007 versus fiscal 2006is primarily attributable to the debugging and activation of our semi-automatedmotor production cell, production engineering activities related to the launchof high volume production for the Phoenix Motorcars propulsion system andadditional compensation expense arising from the expensing of stock options. Theincrease for fiscal 2006 versus fiscal 2005 is attributable to salary andoverhead costs for newly hired manufacturing management, engineering and staffpersonnel.

Selling, general and administrative expense this fiscal yearwas $2,855,213 compared to $2,191,289 and $1,686,409 for the fiscal years endedMarch 31, 2006 and 2005, respectively. The increase for this fiscal year versuslast fiscal year is primarily attributable to deferred compensation expenseassociated with executive employment agreements, higher levels of sellingexpenses, and additional compensation expense arising from the expensing ofstock options. The increase for fiscal 2006 versus fiscal 2005 is generallyattributable to deferred compensation expense associated with executiveemployment agreements, higher levels of audit expenses associated with theimplementation of the Sarbanes-Oxley Act, higher selling expenses and thewrite-down of a receivable from a customer who filed for bankruptcy protection.

Impairment of long-lived assets for the fiscal year endedMarch 31, 2007 of $889 is primarily attributable to the impairment of obsoleteequipment. The impairment of long-lived assets for the fiscal years ended March31, 2006 and March 31, 2005 were $2,963 and $39,748, respectively, and areattributable to the write-down of costs associated with abandoned patentapplications.

Interest income rose to $445,578 for the current fiscal yearcompared to $344,751 and $97,188 for the fiscal years ended March 31, 2006 and2005, respectively. The increase for fiscal 2007 versus fiscal 2006 isattributable to higher returns on invested cash balances. The increase forfiscal 2006 versus fiscal 2005 is attributable to higher levels of invested cashand higher yields on invested balances during the fiscal year versus the priorfiscal year.

Interest expense decreased to $47,422 for the year endedMarch 31, 2007 compared to $63,003 and $74,005 for the fiscal years ended March31, 2006 and 2005, respectively. The decrease is due to lower average mortgageborrowings outstanding throughout the fiscal year as compared to the priorfiscal year.
**Results of Discontinued Operations**
In January 2004, we committed to a plan to exit our contractelectronics manufacturing business whose results were reported as the electronicproducts segment. In May 2004, we completed the divestiture of equipment andinventory of this business for $0.9 million in cash and a 15 percent ownershipinterest in the purchaser. We did not record any value for the common stock ofthe purchaser received in this transaction due to uncertainty regarding ourability to realize economic value on the resale of our ownership interest. Inaddition, the purchaser executed a sublease on our St. Charles, Missourimanufacturing facility for the remaining term of our lease. Due to substantialdoubt regarding the purchaser's financial capability to meet its obligationunder the sublease, we recorded a liability, at that time, of $204,985, whichrepresented our best estimate of the present value of future cash outflows thatmay arise if the purchaser defaulted on the sublease prior to the completion ofits term. During the year ended March 31, 2006, we wrote-off uncollectible pastdue rent receivables from the sublessee in the amount of $95,880 and reduced thefair value estimate of our potential liability under the master lease at thattime by $67,122 to reflect our expectations regarding our ability to identify anew tenant and complete a new sublease on the facility. In December 2005, thepurchaser sold the assets of its business to another business at a price whichrendered our equity investment worthless. Coincident with this transaction wereceived a promissory note in the amount of $98,420 from the original purchasertogether with an assignment of future commission income to be earned under acommission agreement between the buyer and the original purchaser. Incomeassignments are to cease when the promissory note is paid in full. Due tosubstantial doubt regarding our ability to receive payments under the assignmentagreement and promissory note, we have fully reserved the value of thepromissory note on our books reducing its recorded value to zero. The acquiringbusiness entered into a sublease agreement on the facility with us for theremaining term of our master lease. At this time we believe our currentlyrecorded liabilities for discontinued operations are adequate to cover potentialfuture obligations that may arise.

The operating results of this business for the year endedMarch 31, 2007, 2006 and 2005 have been reported separately as discontinuedoperations. Loss from discontinued operations includes interest expense on debtused to acquire manufacturing machinery and equipment but does not includeallocations of general corporate overheads, which have been allocated to otherbusiness segments. Operating results of all prior periods presented have beenadjusted to reflect the contract electronics manufacturing as discontinuedoperations.

Loss from discontinued operations for the fiscal year endedMarch 31, 2007 was $28,791, or nil per common share compared to a loss fromdiscontinued operations of $27,584, or nil per common share, and $54,201, or nilper common share, for the fiscal years ended March 31, 2006 and 2005,respectively. The current year loss represents rent expense in excess ofsublease rent income on the Missouri manufacturing facility previously occupiedby the discontinued business. See also Note 11 to the consolidated financialstatements.
**Liquidity and Capital Resources**
Our cash balances and liquidity throughout the fiscal yearended March 31, 2007 were adequate to meet operating needs. At March 31, 2007,we had working capital (the excess of current assets over current liabilities)of $8,909,577 compared to $10,415,409 at March 31, 2006.

For the year ended March 31, 2007, net cash used in operatingactivities of continuing operations was $2,579,911 compared to net cash used inoperating activities of continuing operations of $1,597,381 and $2,069,550 forthe years ended March 31, 2006 and 2005, respectively. The increase in cash usedfor the year ended March 31, 2007 is primarily attributable to higher operatinglosses, higher levels of accounts receivables and inventories offset by noncashcharges for depreciation and amortization and equity-based compensation andhigher levels of accounts payable and other current liabilities and deferredcompensation. The decrease in cash used in operating activities for the yearended March 31, 2006 versus cash used in operating activities for year endedMarch 31, 2005 was primarily due to lower levels of accounts receivable andinventories offset by higher operating losses, and lower levels of accountspayable.

Net cash used in investing activities of continuingoperations for the fiscal year ended March 31, 2007 was $428,914 compared to$4,246,130 for the previous fiscal year and $2,407,507 for fiscal 2005. Thechange this fiscal year versus last fiscal year was primarily due toexpenditures for equipment used in our production operations. Net cash used ininvesting activities of continuing operations for fiscal 2006 increased to$4,246,130 versus $2,407,507 for fiscal 2005 primarily due to cash used for thepurchase of short-term investment securities of $3,788,800, and investments inproperty and equipment of $420,990.

Net cash provided by financing activities of continuingoperations was $1,037,241 for the fiscal year ended March 31, 2007 versus$4,309,003 for the preceding fiscal year. The decrease is attributable to theeffect of a follow-on offering of $3.9 million in fiscal 2006 offset byincreased cash proceeds from the exercise of stock options and warrants infiscal 2007. The decrease in fiscal 2006 versus fiscal 2005 is attributable toreduced cash proceeds from the sale of common stock in fiscal 2006.

We expect our working capital requirements to increasesubstantially during fiscal 2008 due to expected rapid growth in our totalrevenue. Although we expect to manage our operations and working capitalrequirements to minimize the future level of operating losses and workingcapital usage consistent with execution of our business plan; our plannedworking capital requirements may consume a substantial portion of our cashreserves at March 31, 2007. We have begun, and expect to continue, to makesubstantial investments from our available cash resources in human resources,manufacturing facilities and equipment, production and application engineering,to launch production for Phoenix Motorcars. We expect to fund our operationsover the next year from existing cash and short-term investment balances andfrom available bank financing, if any. We can, however, not provide anyassurance that our existing financial resources will be sufficient to executeour business plan beyond next fiscal year. If our existing financial resourcesare not sufficient to execute our business plan, we may issue equity or debtsecurities in the future. In the event financing or equity capital to fundfuture growth is not available on terms acceptable to us, we will modify ourstrategy to align our operation with then available financial resources.
**Contractual Obligations**
The following table presents information about ourcontractual obligations and commitments as of March 31, 2007:
  **                              Payments      due by      Period                            ** 

              

       Total  ** 

 Less Than

    1 Year  
 
** 

2 - 3 Years
 

 
**4 - 5 Years**More than 

  5 Years   
Long-term debt obligations
$    621,685 
98,760 
522,925 
-       
-       
Purchase obligations
2,710,420 
2,710,420 
-       
-       
-       
Executive employment agreements (1)
1,996,871 
410,559 
821,117 
366,611 
398,584 
Total
$ 5,328,976 
3,219,739 
1,344,042 
366,611 
398,584 
(1) Includes future salary payments, potential retirementpay, and severance pay obligations of which $545,539 has been recorded as      deferred compensation under executiveemployment agreements.
**Critical Accounting Policies**
The preparation of financial statements and relateddisclosures in conformity with accounting principles generally accepted in theUnited States of America requires management to make judgments, assumptions andestimates that effect the dollar values reported in the consolidated financialstatements and accompanying notes. Note 1 to the consolidated financialstatements describes the significant accounting policies and methods used inpreparation of the consolidated financial statements. Estimates are used for,but not limited to, allowance for doubtful accounts receivables, costs tocomplete contracts, and recoverability of inventories. Actual results coulddiffer materially from these estimates. The following critical accountingpolicies are impacted significantly by judgments, assumptions and estimates usedin preparation of the consolidated financial statements.
***Accounts Receivable***
Our trade accounts receivable are subject to credit risksassociated with the financial condition of our customers and their liquidity. Weevaluate all customers periodically to assess their financial condition andliquidity and set appropriate credit limits based on this analysis. As a result,the collectibility of accounts receivable may change due to changing generaleconomic conditions and factors associated with each customer's particularbusiness. During fiscal 2006 a large, well established customer filed forbankruptcy protection. As a result we charged-off $63,000 owed to us by thecustomer as a bad debt expense. Because substantially all of our customers arelarge well-established companies with excellent credit worthiness and our viewthat the bad debt expense associated with our customer's bankruptcy filing isan isolated, customer specific event, we have not established a reserve at March31, 2007 and 2006 for potentially uncollectible trade accounts receivable. It isreasonably possible, that future events or changes in circumstances could causethe realizable value of our trade accounts receivable to decline materially,resulting in material losses.
***Inventories***
We maintain raw material inventories of electroniccomponents, motor parts and other materials to meet our expected manufacturingneeds for proprietary products and for products manufactured to the designspecifications of our customers. Some of these components may become obsolete orimpaired due to bulk purchases in excess of customer requirements. Accordingly,we periodically assesses our raw material inventory for potential impairment ofvalue based on then available information, expectations and estimates andestablish impairment reserves for estimated declines in the realizable value ofour inventories. The actual realizable value of our inventories may differmaterially from these estimates based on future occurrences. It is reasonablypossible that future events or changes in circumstances could cause therealizable value of our inventories to decline materially, resulting inadditional material impairment losses.
***Percentage of Completion Revenue Recognition on Long-termContracts: Costs and Estimated Earnings in Excess of Billings on***UncompletedContracts***
We recognize revenue on development projects funded by ourcustomers using the percentage-of-completion method. Under this method, contractservices revenue is based on the percentage that costs incurred to date bear tomanagement's best estimate of the total costs to be incurred to complete theproject. Many of these contracts involve the application of our technology tocustomers' products and other applications with demanding specifications.Management's best estimates have sometimes been adversely impacted byunexpected technical challenges requiring additional analysis and redesign,failure of electronic components to operate in accordance with manufacturerspublished performance specifications, unexpected prototype failures requiringthe purchase of additional parts and a variety of other factors that may causeunforeseen delays and additional costs. It is reasonably possible that totalcosts to be incurred on any of the projects in process at March 31, 2007 couldbe materially different from management's estimates, and any modification ofmanagement's estimate of total project costs to be incurred could result inmaterial changes in the profitability of affected projects or result in materiallosses on any affected projects.
**New Accounting Pronouncements**
In June 2006, the Financial Accounting Standards Board *("FASB")*issued Interpretation No. 48, *Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109 ("FIN No. 48")*. FINNo. 48 prescribes a recognition threshold and measurement attribute for thefinancial statement recognition and measurement of a tax position taken, orexpected to be taken, in a tax return. This interpretation also providesguidance on derecognition, classification, interest and penalties, accounting ininterim periods, disclosure and transition. The provisions of FIN No. 48 areeffective for us during the fiscal year beginning April 1, 2007. We do notexpect the implementation of FIN No. 48 to have a material impact on ourfinancial statements.

In September 2006, the FASB issued Statement of FinancialAccounting Standards No. 157, *Fair Value Measurements ("SFAS No.157").* SFAS No. 157 defines fair value, establishes a framework formeasuring fair value and requires additional disclosures about fair valuemeasurements. The provisions of SFAS No. 157 are effective for us during thefiscal year beginning April 1, 2008. We have not yet determined the impact ofadopting this standard.

In September 2006, the FASB issued Statement of FinancialAccounting Standards No. 158, *Employers' Accounting for Defined BenefitPension and Other Postretirement Plans - an amendment of FASB Statements No. 87,88, 106, and 132(R) ("SFAS No. 158").*  SFAS No. 158 requires anemployer to recognize a plan's overfunded or underfunded status in its balancesheets and recognize the changes in a plan's funded status in comprehensiveincome in the year which the changes occur. These provisions of SFAS No. 158 areeffective for our fiscal year ending March 31, 2007. In addition, SFAS No. 158requires an employer to measure plan assets and obligations that determine itsfunded status as of the end of its fiscal year, with limited exceptions. Thisprovision of SFAS No. 158 is effective for our fiscal year ending March 31,2009. The provisions that were effective for this fiscal year did not have amaterial effect on our financial statements and the provisions effective for ourfiscal year ending March 31, 2009 are not expected to have a material effect onour financial statements..

In September, 2006 the Securities and Exchange Commissionissued Staff Accounting Bulletin No. 108, *Considering the Effects of PriorYear Misstatements when Quantifying Misstatements in Current Year FinancialStatements*("*SAB 108*"). Historically, there have been twowidely used methods for quantifying the effects of financial statementmisstatements. These methods are referred to as the "roll-over" and"iron-curtain" method. The "roll-over" method quantifies theamount by which the current year income statement is misstated. Exclusivereliance on an income statement approach can result in the accumulation oferrors on the balance sheet that may or may not have been material to anyindividual income statement, but which may misstate one or more balance sheetaccounts. The "iron curtain" method quantifies the error as thecumulative amount by which the current year balance sheet is misstated.Exclusive reliance on a balance sheet approach can result in disregarding theeffects of errors in the current year income statement that result from thecorrection of an error existing in previously issued financial statements. SAB108 provides that prior year uncorrected immaterial misstatements be evaluatedunder both the "roll-over" and "iron-curtain" approaches. Inthe event a misstatement is deemed material to the current period financialstatements and the related financial statement disclosures under eitherapproach, SAB 108 requires that the misstatement be corrected by eitherretroactively adjusting prior financial statements as if the dual approach hadalways been used, or by correcting it in the current period financial statementsby presenting the cumulative effect of the prior period errors as an adjustmentto the beginning balance of accumulated deficit and the related assets orliabilities for the current fiscal year. We adopted SAB 108 using the cumulativeeffect transition method in connection with the preparation of our annualfinancial statements for the fiscal year ending March 31, 2007. As a result, werecorded a cumulative effect charge to the beginning balance of accumulateddeficit as of April 1, 2006 of $208,911 and a corresponding increase to theliability for long-term deferred compensation under executive employmentagreements.

In February, 2007 the FASB issued Statement of FinancialAccounting Standards No. 159, *The Fair Value Option for Financial Assets andFinancial Liabilities ("SFAS No. 159").* This standard permitscompanies to choose to measure many financial instruments and certain otheritems at fair value, following the provisions of SFAS No. 157. SFAS No. 159 iseffective for fiscal years beginning after November 15, 2007. We have not yetdetermined the impact of adopting this standard.
**ITEM 7A.**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK
Market risk is the potential loss arising from adversechanges in market rates and prices, such as foreign currency exchange andinterest rates. We do not use financial instruments to any degree to managethese risks and do not hold or issue financial instruments for trading purposes.All of our product sales, and related receivables are payable in U.S. dollars.We are not subject to interest rate risk on our debt obligations.
**ITEM 8.**FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA **REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM 
Board of Directors and Shareholders

of UQM Technologies, Inc.

We have audited the accompanying consolidated balance      sheets of UQM Technologies, Inc. (a Colorado corporation) and subsidiaries      (the "Company") as of March 31, 2007 and 2006, and the related      consolidated statements of operations, stockholders' equity and cash      flows for each of the three years in the period ended March 31, 2007.      These financial statements are the responsibility of the Company's      management. Our responsibility is to express an opinion      on these financial statements based on our audits.

We conducted our audits in accordance with the      standards of the Public Company Accounting Oversight Board (United      States). Those standards require that we plan and perform the audit to      obtain reasonable assurance about whether the financial statements are      free of material misstatement. An audit includes examining, on a test      basis, evidence supporting the amounts and disclosures in the financial      statements. An audit also includes assessing the accounting principles      used and significant estimates made by management, as well as evaluating      the overall financial statement presentation. We believe that our audits      provide a reasonable basis for our opinion.

In our opinion, the consolidated      financial statements referred to above present fairly, in all material      respects, the financial position of UQM Technologies, Inc. and      subsidiaries as of March 31, 2007 and 2006, and the results of its      operations and its cash flows for each of the three years in the period      ended March 31, 2007 in conformity with accounting principles generally      accepted in the United States of America.

As discussed in Note 2 to the consolidated financial      statements, during the year ended March 31, 2007 the Company adopted      the provisions of Statement of Financial Accounting Standards      No. 123(R), *Share-Based Payment* using the modified prospective      method and also as discussed in Note 1, the provisions of Staff Accounting      Bulletin No. 108, *Considering the Effects of Prior Year Misstatements      when Quantifying Misstatements in Current Year Financial Statements*.

We also have audited, in accordance with the standards      of the Public Company Accounting Oversight Board (United States), the      effectiveness of UQM Technologies, Inc. and subsidiaries' internal      control over financial reporting as of March 31, 2007, based on criteria      established in *Internal Control-Integrated      Framework*  issued by the Committee of Sponsoring Organizations of      the Treadway Commission ("COSO") and our report dated      May 10, 2007 expressed an unqualified opinion on both management's      assessment of the effectiveness of UQM Technologies, Inc. and subsidiaries'      internal control over financial reporting and on the effectiveness of UQM      Technologies, Inc. and subsidiaries'      internal control over financial      reporting.
 

/s/ GRANT THORNTON LLP

May 10, 2007

Denver, Colorado

 ** ** **Report of Independent

Registered Public Accounting Firm 
 Board of Directors and Shareholders of UQM Technologies, Inc.: 
We have audited management's assessment, included in      the accompanying Management's Report on Internal Control Over Financial      Reporting, appearing under Item 9A, that UQM Technologies, Inc. (a      Colorado corporation) and subsidiaries (the "Company")      maintained effective internal control over financial reporting as of      March 31, 2007, based on criteria established in *Internal Control-Integrated      Framework* issued by the Committee of Sponsoring Organizations of the      Treadway Commission ("COSO"). UQM Technologies, Inc.'s      management is responsible for maintaining effective internal control over      financial reporting and for its assessment of the effectiveness of      internal control over financial reporting. Our responsibility is to      express an opinion on management's assessment and      an opinion on the effectiveness of the company's      internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards      of the Public Company Accounting Oversight Board (United States). Those      standards require that we plan and perform the audit to obtain reasonable      assurance about whether effective internal control over financial      reporting was maintained in all material respects. Our audit included      obtaining an understanding of internal control over financial reporting,      evaluating management's assessment, testing and evaluating the design      and operating effectiveness of internal control, and performing such other      procedures as we considered necessary in the circumstances. We believe      that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting      is a process designed to provide reasonable assurance regarding the      reliability of financial reporting and the preparation of financial      statements for external purposes in accordance with generally accepted      accounting principles. A company's internal control over financial      reporting includes those policies and procedures that (1) pertain to the      maintenance of records that, in reasonable detail, accurately and fairly      reflect the transactions and dispositions of the assets of the company;      (2) provide reasonable assurance that transactions are recorded as      necessary to permit preparation of financial statements in accordance with      generally accepted accounting principles, and that receipts and      expenditures of the company are being made only in accordance with      authorizations of management and directors of the company; and (3) provide      reasonable assurance regarding prevention or timely detection of      unauthorized acquisition, use, or disposition of the company's assets      that could have a material effect on the financial statements.

Because of its inherent limitations, internal control      over financial reporting may not prevent or detect misstatements. Also,      projections of any evaluation of effectiveness to future periods are      subject to the risk that controls may become inadequate because of changes      in conditions, or that the degree of compliance with the policies or      procedures may deteriorate.

In our opinion, management's      assessment that UQM Technologies Inc. and subsidiaries maintained      effective internal control over financial reporting as of March 31, 2007,      is fairly stated, in all material respects, based on criteria established      in *Internal Control-Integrated Framework* issued by the Committee      of Sponsoring Organizations of the Treadway Commission ("COSO").      Also in our opinion, UQM Technologies, Inc. and      subsidiaries maintained, in all material respects, effective internal      control over financial reporting as of March 31, 2007, based on criteria      established in *Internal Control-Integrated Framework* issued by      the Committee of Sponsoring Organizations of the Treadway Commission      ("COSO").

We have also audited, in accordance with the standards      of the Public Company Accounting Oversight Board (United States), the      consolidated balance sheets of UQM Technologies, Inc. and subsidiaries as      of March 31, 2007 and 2006, and the related consolidated statements of      operations, stockholders' equity and cash flows for each of the three      years in the period ended March 31, 2007 and our report dated May 10,      2007 expressed an unqualified opinion on those financial statements.

 

/s/ Grant Thornton LLP

Grant Thornton LLP

Denver, Colorado

May 10, 2007

**UQM TECHNOLOGIES, INC. AND SUBSIDIARIES**
**Consolidated Balance Sheets** 
March 31, 2007 
March 31, 2006 **Assets     
Current assets:   
Cash and cash equivalents
$   1,952,177 
 4,076,806  
Short-term investments
5,981,828 
6,009,394  
Accounts receivable
1,434,686 
512,409  
Accounts receivable from discontinued operations
76,097 
-        
Costs and estimated earnings in excess of billings on    
uncompleted contracts
187,913 
450,044  
Inventories
899,885 
467,485  
Prepaid expenses and other current assets
     279,343 
     118,439       
Total current assets 
 10,811,929 
 11,634,577    
Property and equipment, at cost:   
Land
181,580 
181,580  
Building
2,306,154 
2,297,467  
Machinery and equipment
  3,152,296 
  2,808,324  
5,640,030 
5,287,371  
Less accumulated depreciation
(2,977,305)
(2,683,295)      
Net property and equipment
 2,662,725 ************************************************************************************************************** |
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