|  | UNITED STATES    SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.    20549**FORM 10-K
[X] ANNUAL    REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE    SECURITIES EXCHANGE ACT OF 1934
[      ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE    SECURITIES EXCHANGE ACT OF 1934
For the Fiscal    Year Ended March 31, 2005
Commission file    number 1-10869
               UQM    TECHNOLOGIES,    INC.               
(Exact name of    registrant as specified in its charter)
 

 

 
    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:
Common stock,    $.01 par value
Name of each    exchange on which registered:
American Stock    Exchange
Pacific Stock    Exchange
Chicago Stock    Exchange
Securities    registered pursuant to Section 12(g) of the Act:
None.
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 an accelerated filer (as defined in rule 12b-2 of the    Act). Yes___ No   X  .
The aggregate    market value of the voting stock held by non-affiliates of the registrant (19,215,619    shares) computed by reference to the closing price of such stock on the American Stock    Exchange, as of September 30, 2004:
$47,078,267
The number of    shares outstanding (including shares held by affiliates) of each of the registrant's    classes of common stock, as of May 24, 2005:
23,179,006    shares of the 

registrant's common stock,

$.01 par value.
DOCUMENTS    INCORPORATED BY REFERENCE
In Part III    certain information is incorporated by reference from the Company’s definitive Proxy    Statement for the July 28, 2005 Annual Meeting of Shareholders.**Table of Contents**PART I.**
Item 1.
Business
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
Report of Independent Registered Public Accounting Firm    – Grant Thornton LLP
Report of Independent Registered Public Accounting Firm – KPMG    LLP
Consolidated balance sheets as of March 31, 2005 and    March 31, 2004
Consolidated statements of operations for    the fiscal years ended March 31, 2005, 2004 and 2003
Consolidated    statements of stockholders’ equity and comprehensive loss for the fiscal years 
ended    March 31, 2005, 2004 and 2003
Consolidated statements of cash flows for    the fiscal years ended March 31, 2005, 2004 and 2003
Notes to consolidated financial    statements
Item 9.
Change In and    Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A.
Controls and Procedures**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 the SecuritiesAct and Section 21E of the Securities Exchange Act. These statements appear in a number ofplaces in this Report and include statements regarding our plans, beliefs or currentexpectations, including those plans, beliefs and expectations of our officers anddirectors with respect to, among other things the development of markets for our products;the adequacy of our cash balances and liquidity to meet future operating needs, and ourability to issue equity or debt securities; and the effect of legal actions and claimsthat we are involved in. Important Risk Factors that could cause actual results to differfrom those contained in the forward-looking statements are listed below in Part II, Item 5Other Information.**General

UQM Technologies, Inc., ("UQM") is a developer andmanufacturer of energy efficient, power dense, electric motors, generators and powerelectronic controllers. Our primary focus is incorporating our advanced technology intoproducts aimed at existing commercial markets and emerging markets for electricallypropelled vehicles that are expected to experience rapid growth. We operate our businessin two segments: 1) technology - which encompasses the further advancement and applicationof our proprietary motors, generators, power electronics and software; and 2) powerproducts – which encompasses the manufacture of motors and generators. Our $0.01 parvalue common stock trades on the American, Chicago and Pacific stock exchanges under thesymbol "UQM."

The Company’s revenue from continuing operations is derived fromtwo principal sources: 1) funded contract research and development services performed forstrategic partners, customers and the U.S. government directed toward either theadvancement of our proprietary technology portfolio or the application of proprietarytechnology to customers’ products; and 2) the manufacture and sale of productsengineered by us.

Our objective is to leverage our technology base and name recognitionto develop and manufacture products for our customers that are superior in performance atcompetitive prices for sale into both existing commercial markets and potentially largeemerging markets. To this end, we have initially focused our attention on four marketareas which we believe have significant growth potential: 1) electric propulsion systems,generators and power electronic controllers for electric, hybrid electric and fuel cellelectric vehicles; 2) electric propulsion systems and electronic controllers for smallcommercial vehicles; 3) vehicle auxiliaries including under-the-hood power accessories;and 4) distributed power generation products. 

Today there are numerous well-established markets for products thatincorporate electric motors, generators and power electronic controllers that are targetsfor replacement by our advantaged systems. Examples of existing vehicle markets that webelieve present opportunities for the commercialization of its proprietary technologyinclude electric wheelchairs, golf carts, forklift trucks and other warehouse vehicles,aircraft tugs, commercial floor cleaning equipment and other similar markets where theproduct application generally requires high torque and variable speed operation. Inaddition, there are many existing commercial products that may benefit from replacingtheir current motors, generators and/or power electronic controllers with smaller, lighterweight and more efficient UQM systems. One particular market of significance is theaerospace industry where we are currently manufacturing air conditioning fans and arepursuing additional applications including compressors, auxiliary power units and otheraircraft motor-driven systems. 

Examples of emerging markets include hybrid electric vehicles and,further in the future, hydrogen powered fuel cell electric vehicles. The market for hybridelectric vehicles has recently begun to emerge propelled by the success of the ToyotaPrius hybrid electric passenger automobile, which was named Motor Trend Magazine’s"Car of the Year" for 2004, and is currently being manufactured at volumes of15,000 vehicles per month. Other hybrid electric passenger vehicles available for purchaseby consumers in the United States include Honda’s Insight, Civic and Accord passengervehicles and the Ford Escape and Lexus RX400h sport utility vehicles. Nearly all of thehybrid electric propulsion systems for the automotive vehicle market are being provided bythe OEM’s themselves, or by a limited number of large Tier I suppliers. Although webelieve that there are opportunities for the application of our technology in theautomobile market, it is likely that the OEM’s and their Tier I suppliers willcontinue to be the dominant providers of their hybrid electric propulsion systems.

The emergence of hybrid electric vehicles in the automobile market isdriving vehicle makers in a wide range of other on-road and off-road markets to considerthe strategic and competitive advantages of adopting hybrid electric technology. It isthese other vehicle markets that are the primary focus of our company. Customers in thesemarkets typically require hybrid electric propulsion systems of different size and powerlevel than that required in automotive applications. These customers seldom have theinternal resources to develop their own systems which we believe will create a breadth offuture opportunities for our motor and generator products. In addition, regulators in theUnited States and Europe have adopted diesel emission mandates that require diesel enginemanufacturers to reduce the level of emissions emitted from their engines beginning in2007 with a further reduction required in 2010. Based on discussions with customers, webelieve that the preferred solution for achieving compliance with the 2010 emissionstandards will be electric powered systems that we expect will create furtheropportunities for the commercialization of our proprietary products.

An additional emerging market that we believe holds substantial promisefor the commercialization of our technology is the electrification of vehicle auxiliariesincluding under-the-hood components such as water, oil and fuel pumps, power steeringsystems, cooling fans and air conditioning compressors. In most existing conventionalgasoline and diesel-powered vehicles, these under-the-hood components are powered byengine belts or gears and consequently restrict their operating speed directly to enginespeed only. The electrification of these components provides numerous advantagesincluding: 1) variable speed and power operation which improves efficiency and fueleconomy; and 2) the ability to locate them strategically anywhere in the vehicle becausean electric component does not require proximity to an engine driven belt or gear. Webelieve these attributes will lead to the further electrification of these components inboth conventional as well as hybrid and fuel cell electric powered vehicles.

We are also pursuing applications of our generators and DC to ACelectric power inverters in the distributed power generation market. This market iscurrently a niche market consisting primarily of wind turbines, photovoltaic systems andengine-based standby power generators but is expected to grow rapidly in the future ashome owners, businesses and utilities pursue alternative strategies to meet electric powerrequirements that are not dependent on centralized power generation through the nationalelectric power grid.

Substantially all of our research and development activities are theresult of projects contracted with and funded by our customers, and in most cases, weretain all or substantially all of the intellectual property rights in the developedtechnology. Our research and development activities consist primarily of research toadvance the state-of-the-art of our proprietary technology portfolio and the developmentof our proprietary motors and generators and their application to our customers products.Our ability to attract customer funding for these activities increases shareholder valueby reducing the cost of advancing our technology portfolio and is indicative of the valuecustomers place in gaining access to our proprietary technology for potential use in theirproducts.

Fundamental to our strategy is the continual advancement of ourproprietary motor, generator, power electronic controller and software technologyportfolio and the maintenance of a high quality and competitive manufacturing capabilityfor our products. Throughout this fiscal year, we have expanded our production engineeringand manufacturing staff and capability as part of our strategy to accelerate thecommercialization of our proprietary technology in existing markets and provide theinfrastructure we believe will be necessary to exploit the opportunities for ourtechnology to penetrate emerging markets over the next several years. Expenditures forthese activities are reported in our financial statements as production engineeringexpense and amounted to $211,933 for the fiscal year ended March 31, 2005.

We have two principal operating companies: 1) UQM Technologies, Inc.,located in Frederick, Colorado, which includes the Corporate Headquarters and Engineeringand Product Development Center; and 2) wholly-owned subsidiary UQM Power Products,Inc.("UQM Power"), also located in Frederick, Colorado, which is an ISO qualitycertified manufacturer of permanent magnet electric motors and generators.

We also have a minority ownership position in EV Global Motors Company("EV Global"), Windemere Eco Development Limited ("WED") and CD&MElectronics, Inc. (CD&M). The carrying value of these investments on our balance sheethas been reduced to zero because they are impaired under accounting principles generallyaccepted in the United States of America. EV Global, based in Los Angeles, is a developerand distributor of electric bicycles. WED is an environmentally sensitive development ofWindemere Island in the Bahamas. CD&M is a privately held contract electronicsmanufacturing company. 

Loss from continuing operations for the fiscal year ended March 31,2005 was $1,814,695, or $0.09 per common share, on total revenue of $4,763,291 versus aloss from continuing operations last fiscal year of $1,422,315, or $0.07 per common share,on total revenue of $5,040,904 and a loss from continuing operations for the fiscal yearended March 31, 2003 of $933,507, or $0.05 per common share, on total revenue of$7,552,360. Net loss for the fiscal year ended March 31, 2005 was $1,868,896, or $0.09 percommon share, versus a net loss of $4,786,953, or $0.25 per common share, last fiscal yearand a net loss of $3,598,650, or $0.19 per common share, for the fiscal year ended March31, 2003. 

In November 2004 and October 2003, we completed follow-on offerings of3,600,000 and 720,000 shares of our common stock to investors in North America and Europe.Net cash proceeds from the offerings were $6,767,465 and $2,127,400, respectively.
***Technology Segment

Our technology segment encompasses the operations of our Engineeringand Product Development Center which shares a 28,000 square foot facility located inFrederick, Colorado with our motor manufacturing operations which are reported in thepower products segment. The Engineering and Product Development Center is equipped withresearch and development laboratories, prototype build and test facilities for electricmotors, generators, power electronic controllers, software, and vehicle integrationactivities. The technology segment conducts customer funded and internally-funded researchand engineering activities directed toward: 1) the development of new motors, generators,and power electronic controllers to meet the requirements of customers’ specificproduct applications; 2) integration of our motors, generators and power electroniccontroller into customers’ products; and 3) support of our power products segment andthe low volume manufacture of motors, generators and power electronic controllers. Duringthe fiscal year ended March 31, 2005, total technology segment revenue declined 7.5percent to $3,089,114 versus revenue of $3,339,939 for the fiscal year ended March 31,2004 and declined 2.2 percent versus revenue of $3,416,032 for the fiscal year ended March31, 2003. 

Selected components of segment revenue and cost of contract services byfiscal year were as follows:

                  Year    Ended March    31,                     
     2005       
     2004       
     2003     
Contract    Services 
$ 2,281,427  
$ 2,747,833  
$  2,985,639  
Cost of    Contract Services
$ 2,496,223  
$ 2,215,196  
$  2,506,944  
Product Sales
$    807,687  
$    592,106  
$     430,393  
Technology segment operations for the fiscal year ended March 31, 2005resulted in a loss from continuing operations of $1,869,518 compared to loss fromcontinuing operations of $1,289,738 and $1,003,034 for the fiscal years ended March 31,2004 and March 31, 2003, respectively. The loss from continuing operations in the currentfiscal year is attributable to increased production engineering expenditures,internally-funded technology development, cost-overruns on development contracts, andlower levels of other income versus last fiscal year. Segment losses from continuingoperations for the fiscal year ended March 31, 2004 versus the fiscal year ended March 31,2003 rose primarily due to higher levels of internally funded technology development,cost-overruns on development contracts, and lower levels of other income.
***Power Products Segment 

Our power products segment encompasses the operations of ourwholly-owned subsidiary, UQM Power. UQM Power shares a 28,000 square foot facility locatedin Frederick, Colorado with the technology segment. Prior to October 2003, UQMPower’s operations consisted of the volume manufacture of motors and the contractmanufacture of gears and gear assemblies. Due to continuing weak demand in the gearmarkets we served, and industry trends toward greater sourcing of customer gearrequirements overseas, we divested our non-core contract gear manufacturing business in2003. As a result, the operating results of the discontinued gear business are reported asdiscontinued operations in the statement of operations for the fiscal year ended March 31,2003.

Motor manufacturing operations consist of the volume manufacture of ourproprietary permanent magnet motors. Power products segment operations for the fiscal yearended March 31, 2005 resulted in earnings from continuing operations of $54,823 on totalrevenue of $1,674,177, versus loss from continuing operations of $132,577 on total revenueof $1,700,965 for the fiscal year ended March 31, 2004 and earnings from continuingoperations of $69,527 on total revenue of $4,136,328 for the fiscal year ended March 31,2003. The decline in revenue for the year ended March 31, 2005 versus the two prior fiscalyears is attributable to lower production volumes of wheelchair propulsion motors whichwas partially offset by revenue increases from the launch of production for fan blowermotors used in air conditioning systems on military aircraft. In 2004, we received anorder for the production of new wheelchair motors in the amount of $637,500, which wassubsequently expanded by $596,700 with deliveries scheduled through November 2005. We donot expect to receive additional orders for new wheelchair motors from InvacareCorporation, although orders for field service and warranty rebuilt units are expected tocontinue for the foreseeable future.
***Electronic Products Segment – Discontinued Operations

In January 2004, we formalized a plan to sell or close our wholly-ownedsubsidiary UQM Electronics, Inc., located in St. Charles, Missouri. This businessconsisted of the manufacture of thru-hole and surface mount electronic printed circuitboard assemblies, wire harness assemblies, value-added component assemblies incorporatingeither printed circuit board assemblies, wire harness assemblies or both, and completeturn-key electronic product builds. On May 18, 2004, we completed the divestiture of theassets of this business for $0.9 million in cash and a 15 percent ownership interest inthe purchaser. In addition, the purchaser executed a sublease on our St. Charles, Missourimanufacturing facility for the remaining term of our lease. The operations of UQMElectronics, Inc. are reported as discontinued operations in our statement of operationsfor the fiscal years ended March 31, 2005, 2004 and 2003. Discontinued operations for thisbusiness for the fiscal year ended March 31, 2005 resulted in a loss of $54,201, or nilper common share, versus a loss from discontinued operations of $3,364,638, or $0.18 percommon share, for the fiscal year ended March 31, 2004 and a loss from discontinuedoperations of $2,480,172, or $0.13 per common share, for the fiscal year ended March 31,2003.
**Technology

Our technology base includes a number of proprietary technologies andpatents relating to brushless permanent magnet motors, generators and power electroniccontrollers, together with software code to intelligently manage the operation of oursystems. 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 a hollowrotor upon which powerful rare earth permanent magnets are mounted on the outercircumference. The stator is affixed to an aluminum housing containing a mounting ring andbearings, which allows the rotor to be suspended within the stator. Commutation of themachine is accomplished electronically by sensing the position of the rotor in relation tothe stator and intelligently pulsing electrical energy into the stator such that theelectric field generated by the stator interacts with the magnetic field of the rotorproducing rotational motion ("motor operation"). Conversely, the application ofrotational motion to the rotor by an external force results in the generation ofelectrical power ("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 mode ofoperation to another in millisecond response time. The hollow design of the rotor permitsthe packaging of other components such as gears and electromechanical brakes in theinterior of the machine. These design features contribute to lower usage of copper andiron and other materials generally (due to smaller package dimensions), reducingmanufacturing cost over those for conventional machines of similar power. In addition, theutilization of neodymium-iron-boron ("NdFeB") magnet material in a wide range ofconsumer devices, such as cell phones, disk drives and medical devices, has dramaticallyimproved the availability, performance and price of this material, allowing us to priceour advanced motors and controls competitively with lesser performing conventional motorswhich we believe will accelerate the rate of commercialization of our technology.
Attributes of our permanent magnet motor technology include brushlesselectronic commutation; a relatively large air-gap dimension; the use of powerful rareearth NdFeB magnet material; good heat rejection; low iron content; and low mechanicallosses. As a result, UQM(R)  motors have high operating efficiencies (>94 percent), high power density (high poweroutput to weight ratio) and generally have smaller external dimensions and weight for agiven power output, improving packageability. 
Attributes of our microprocessor-based digital power electroniccontrollers include high power operation (600 amps at 400 volts), four quadrant control(forward/reverse and motoring/generation), reduced switching losses (increasingefficiency, >98 percent), intelligent control and controller area network("CAN") capability.

In addition, we have developed and patented a method of controlembodied in electronic component architecture and software code (Phase Advance Control)which allows UQM(R) motors todeliver both high output torque at low operating speeds and continuous power at highoperating speeds from the same machine. Conventional permanent magnet motor designs arelimited to operating at either high torque at low speeds or continuous power at highspeeds; but not both. In most vehicle propulsion applications, high torque is required tolaunch the vehicle from a standing stop transitioning to high power as the vehicle isaccelerated to highway speeds. In conventional internal combustion engine poweredvehicles, the transition from high torque to high power is typically accomplished throughthe multiple gear changes performed by a mechanical transmission. UQM(R) motors, incorporating phase advance technology, are suited as propulsion drivesin electric, hybrid electric and fuel cell electric vehicles due to the ability to power avehicle from a standing stop to highway speeds without mechanical gear changes, therebyeliminating the size, weight and cost of mechanical transmissions.
We have also developed a technology that allows our permanent magnetmotors to achieve a 10 to 1 top speed to base speed ratio (constant power speed ratio orCPSR). This recently developed technology also provides both high torque and high-speedcapability in the same machine, but at levels greater than that of other motor technology.Many electric motor applications require high torque capability for starting and low speedoperation, but must also achieve high speed. For military vehicles, high torque at lowspeed translates into obstacle and grade climbing capability, while high speed enablespursuit, dash and evasive maneuvers as well as on-road convoy transport. Many commercialapplications have similar requirements. Conventional vehicles achieve the high torquerequired for launch and low end acceleration and the constant power required for high roadspeed by using a transmission and multiple gear changes. Prior to the performancebreakthrough, UQM(R) systemsincorporating phase advance were able to achieve a top speed to base speed ratio of 4 to1. Electrically propelled vehicles designed around a 4 to 1 limitation, sometimes requireunwanted gearing and/or have less than desired performance. This has particularly been thecase in the more demanding off-highway equipment and military vehicle applications.Providing vehicle developers with electric propulsion systems capable of a top speed tobase speed ratio of 10 to 1 overcomes a significant limitation and opens up potential newapplication opportunities for UQM(R)systems.
We also recently developed a new method of electronic control for ourpermanent magnet motor and generator systems, which further enhances their performance.The new method of control incorporates sophisticated techniques that extract power fromsubstantially the entire electrical cycle of the motor, resulting in maximized poweroutput and efficiency. These performance enhancements demonstrated an increased peak poweroutput of 33 percent; continuous power output increases of nearly 100 percent and improvedsystem efficiency at various operating points of from 2 to 8 percent. In addition, the newmethod of control includes enhanced user configurable functionality and increased datatransmission and processing speeds, which improve feedback, prognostics and diagnosticcapabilities, all of which enhance the durability and functionality of the systems.

Substantially all of our research and development activities are theresult of projects contracted with and funded by customers, for which we typically retainintellectual property rights in the resulting technology developed. Customer fundeddevelopment activities are recorded in our financial statements as contract servicesrevenue and the associated development costs are shown as cost of contract services. Forthe fiscal years ended March 31, 2005, 2004 and 2003, revenues from customer fundedresearch and development activities were $2,281,427, $2,747,833 and $2,985,639,respectively, and internally funded research and development expenditures were $171,918,$461,223 and $117,735, respectively.

In recent years, we have focused our research and developmentactivities on the development of commercial products and production engineering activitiesto lower the cost of manufacture, as well as enhance the performance and capability of oursystems, as opposed to basic research in the field. We believe our future growth isdependent, in part, on the continued advancement of our technology portfolio and ourability to commercialize our technology in additional product applications and markets.Accordingly, we expect to continue to pursue additional customer funded programs and toselectively invest in internally funded development projects to accomplish theseobjectives.
**Competition

All of the markets in which we operate are highly competitive. Themarkets served by the technology segment are additionally characterized by rapid changesdue to technological advances that can render existing technologies and products obsolete.

The technology segment has developed advanced electric propulsionsystems and components which it hopes to market to vehicle Original EquipmentManufacturers and their Tier I suppliers throughout the world for use in electric, hybridelectric and fuel cell electric vehicles. In recent years, the market for hybrid electricautomobiles has begun to emerge led by the introduction and market success of the ToyotaPrius and the Honda Insight and Civic hybrid electric passenger cars. As a result, severalautomakers have introduced new hybrid vehicles this year including the Honda Accordpassenger automobile and the Ford Escape and Lexus RX330h hybrid electric sport utilityvehicles. In addition, other vehicle manufacturers in both on-road and off-road marketsare expected to develop and introduce a variety of hybrid electric vehicles as the marketacceptance of these vehicles continues to grow. In order to capitalize on this expandingdemand, we anticipate that we will need to make substantial investments in humanresources, manufacturing facilities and equipment, production and application engineeringamong other things, in order to compete successfully as this market emerges. We cannotassure you that we will be able to compete successfully in this market or any other marketthat now exists or may develop in the future. There are numerous companies developingproducts that do or soon will compete with our systems. Some of these companies possesssignificantly greater financial, personnel and other resources than we do, includingestablished supply arrangements and volume manufacturing operations. We believe ourprincipal competitors include Honda, Toyota, Hitachi, Toshiba, Siemens, Delphi and BallardPower Systems.

The power products segment competes primarily in the automotive, heavyequipment, military, aerospace and medical products industries. Each of these industriesis extremely competitive. We face substantial competition on a continuing basis fromnumerous competitors, many of whom possess longer operating histories, significantlygreater financial resources and marketing, distribution and manufacturing capability. Webelieve our principal competitors include Advanced DC, Allied Motion, Emerson Electric,General Electric, 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 disclose and claiman electromagnetic transducer and method of making the same. Corresponding applicationshave been filed and issued in several foreign countries. Some of the foreign patents haveexpired.

U.S. Patent No. 5,107,151 discloses and claims a switching circuitemploying semi-conductor devices in series with an inductor to avoid commutation breakdownand extending the current range of switching by using IGBT devices. Correspondingapplications have been filed in foreign countries, some of which have issued, and some ofwhich have been abandoned.

U.S. Patent No. 5,592,731 and U.S. Patent No. 5,382,859 relate to astator for high-power density electric motors and generators, and a method of constructingthe same. Corresponding applications have been filed in foreign countries. 

U.S. Patent No. 5,677,605 discloses and claims a brushless motor anddrive system using phase timing advancement. Corresponding applications have been filed inforeign countries, some of which are issued, some of which have been abandoned, and someof which are pending.

U.S. Patent No. 5,982,063 discloses and claims an electric motor havingan internal brake. Corresponding patent applications have been filed in foreign countries.Some of the foreign applications have issued, and others are still pending.

U.S. Patent Nos. 6,522,130 and 6,693,422 disclose and claim a methodfor controlling a brushless electric motor having a rotor, and relates to a method forsensing rotor position and detecting rotational speed. Corresponding applications havebeen filed and are pending in several foreign countries. The foreign applications haveeither issued or are still pending.

During 1994, we executed an agreement with Alcan Aluminium Limited("Alcan") in which Alcan assigned to us all of its rights, title and interestsin certain motor technology developed under a program funded by Alcan.   Thisagreement further provides that we shall pay to Alcan royalties of one-half of one percenton revenue derived from the manufacture and sale of products or processes embodying therelated technology. Royalty payments under this agreement for the fiscal years ended March31, 2005, 2004 and 2003 were $20,833, $23,208 and $33,185, respectively.

We also intend to rely on the unpatented proprietary know-how we havedeveloped and now utilize in our products. We cannot provide assurance that others willnot independently develop, acquire or obtain access to our technology. Although we protectour unpatented proprietary rights by executing confidentiality agreements with ourmanagement, employees and others with access to our technology, these measures may not beadequate to protect us from disclosure or misappropriation of our proprietary information.
**Trademarks

We own three U.S. Trademark Registrations for "UNIQ"(International Class 7 for power transducers, Class 12 for utility land vehicles, andClass 16 for publications). The Class 12 trademark is subject to renewal in June 2006; theClass 7 trademark is subject to renewal in August 2006; and the Class 16 trademark issubject to renewal in February 2007.

We have registered the letters "UQM" in the U.S. Patent andTrademark Office. Counterpart applications have been filed in numerous countriesthroughout the world, most of which have granted registrations or indicated them to beallowable. Those trademarks are directed to the same trademark classes as the mark"UNIQ". The foreign trademark registrations and applications include majormarkets where we are doing business or establishing business contacts.

We have also registered the trademark "POWERPHASE" which weuse in conjunction with certain of our propulsion systems. Corresponding applications fortrademark registration were filed in 11 countries. The trademark is registered in theEuropean Community and various other foreign countries.
**Backlog

Our technology segment had unperformed service contracts from customerswhich will provide future revenue upon completion aggregating approximately $1.3 millionand an order backlog for prototype motors and controllers of approximately $0.1 million atApril 30, 2005 compared to $1.4 million and $0.3 million, respectively at April 30, 2004.All such service contracts are subject to amendment, modification or cancellation. Weexpect to complete all unperformed service contracts over the next sixteen months and shipmotor and controller backlog products over the next two months.

Our power products segment had an order backlog of approximately $0.7million at April 30, 2005 compared to $1.1 million at April 30, 2004. We expect to shipall backlog products within the next eleven months.
**Customers and Suppliers

We have one significant customer, Invacare Corporation, which is acustomer of our power products segment and accounted for revenue of $1,370,792, or 28.8percent of consolidated total revenue in the fiscal year ended March 31, 2005 and$1,643,215, or 32.6 percent of consolidated total revenue, and $4,136,328, or 54.8 percentof consolidated total revenue, for the fiscal years ended March 31, 2004 and March 31,2003, respectively. This customer also represented 36.5 percent, 14.1 percent and 22.5percent of total accounts receivable at March 31, 2005, 2004, and 2003, respectively.Inventories consisting of raw materials, work-in-process and finished goods for InvacareCorporation were 24.9 percent, 9.5 percent and 8.7 percent of consolidated totalinventories at March 31, 2005, 2004 and 2003, respectively. We expect sales of newproduction wheelchair propulsion motors to Invacare to phase-out by December 31, 2005.

Principal raw materials and components purchased by us include iron,steel, electronic components, magnet material and copper wire. Most of the above items areavailable from several suppliers. Certain components used by us are custom designs and ifour current supplier no longer made them available to us, we could experience productiondelays.
**U.S. Government Contracts

Revenue derived from contracts with agencies of the U.S. Government andfrom subcontracts with U.S. Government prime contractors was $1,271,781, or approximately26.7 percent of our consolidated total revenue, for the year ended March 31, 2005,$1,011,818, or approximately 20.1 percent of consolidated total revenue, for the yearended March 31, 2004 and $1,162,967, or approximately 15.4 percent of consolidated totalrevenue, for the year ended March 31, 2003.

Some of our contracts with the U.S. Government provide for thereimbursement of costs on a 50 percent cost-sharing basis based on not-to-exceed billingrates negotiated between the U.S. Government and us. Other U.S. Government business isperformed under firm fixed price contracts. On "cost-share" and "firm fixedprice" contracts, we can incur an actual loss in the performance thereof if incurredcosts exceed the contract amount. All of our U.S. Government contracts are subject tomodification or cancellation at the convenience of the Government.
**Employee and Labor Relations

As of April 30, 2005, we had 39 full-time employees. We have enteredinto employment contracts with two of our executive officers, which expire December 31,2007. None of our employees are covered by a collective bargaining agreement. We believeour relationship with employees has been generally satisfactory.

 In addition to our full-time staff, we from time to time engage the services ofoutside consultants and contract labor to meet peak workload or specialized programrequirements. We do not anticipate any difficulty in locating additional qualifiedengineers, technicians and production workers, if so required, to meet expanded researchand development or manufacturing operations. 
**Risk Factors

The following factors, other information in this document and theinformation incorporated by reference should be carefully considered before investing inour securities.
**We have incurred significant losses and may continue to do so.

We have incurred significant net losses as shown in the following tables:

                                      Fiscal    Year Ended March    31,                               
      2005       
     2004      
     2003      Net loss
$   1,868,896 
$ 4,786,953 
$ 3,598,650 
We have had accumulated deficits as follows:
March 31, 2005
$ 54,011,877 March 31, 2004
$ 52,142,981 
In the future we plan to make additional investments in productdevelopment and commercialization, which is likely to cause us to remain unprofitable.
**Our operating losses and working capital requirements could consume ourcurrent cash balances.

Our net loss for the fiscal year ended March 31, 2005 was $1,868,896versus a net loss for the comparable period last year of $4,786,953. At March 31, 2005,our cash and short-term investments totaled $7,987,477. If our losses continue they couldconsume some or all of our cash balances. We expect to make additional investments inhuman resources, manufacturing facilities and equipment, production and applicationengineering, among other things, in order to effectively compete in the emerging marketfor hybrid electric vehicles, which we expect will expand our operating losses and mayrequire us to secure additional funding beyond our existing cash resources. We cannotassure, however, that funding will be available on terms acceptable to us, if at all. Wealso have a significant customer whose production requirements for one of their productsis expected to decrease to zero by December 31, 2005. Revenue from this product during thefiscal year ended March 31, 2005 was $809,200 or 59 percent of the total revenue derivedfrom this customer. If we are unable to find new sources of product revenue to replace therevenue we expect to lose from this significant customer, we could experience a materialadverse change in our results of operations and financial condition.
**Our government contracts can be cancelled with little or no notice andcould restrict our ability to commercialize our technology.

Some of our technology has been developed under government funding byUnited States government agencies. In some cases, government agencies in the United Statescan require us to obtain or produce components for our systems from sources located in theUnited States rather than foreign countries. Our contracts with government agencies arealso subject to the risk of termination at the convenience of the contracting agency andin some cases grant "march-in" rights to the government. March-in rights are theright of the United States government or the applicable government agency, under limitedcircumstances, to exercise a non-exclusive, royalty-free, irrevocable worldwide license toany technology developed under contracts funded by the government to facilitatecommercialization of technology developed with government funding. March-in rights can beexercised if we fail to commercialize the developed technology. The implementation ofrestrictions on our sourcing of components or the exercise of march-in rights by thegovernment or an agency of the government could restrict our ability to commercialize ourtechnology.
**We face intense competition in our motor development and may be unableto compete successfully.

In developing electric motors for use in vehicles and otherapplications, we face competition from very large domestic and international companies,including the world’s largest automobile manufacturers. These companies have fargreater resources to apply to research and development efforts than we have, and they mayindependently develop motors that are technologically more advanced than ours. Thesecompetitors also have much greater experience in and resources for marketing theirproducts.
**If we fail to develop and achieve market acceptance for our products,our business may not grow.

We believe our proprietary systems are suited for a wide range ofhybrid electric vehicle platforms. We currently expect to make substantial investments inhuman resources, manufacturing facilities and equipment, production and applicationengineering, among other things, to capitalize on the anticipated expansion in demand forproducts related to this market area. However, our experience in this market area islimited. Our sales in this area will depend in part on the market acceptance of and demandfor our proprietary propulsion systems and future products. We cannot be certain that wewill be able to introduce or market our products, develop other new products or productenhancements in a timely or cost-effective manner or that our products will receive marketacceptance.
**If we are unable to protect our patents and other proprietarytechnology, we will be unable to prevent third parties from using our technology, whichwould impair our competitiveness and ability to commercialize our products. In addition,the cost of enforcing our proprietary rights may be expensive and result in increasedlosses.

Our ability to compete effectively against other companies in ourindustry will depend, in part, on our ability to protect our proprietary technology.Although we have attempted to safeguard and maintain our proprietary rights, we do notknow whether we have been or will be successful in doing so. We have historically pursuedpatent protection in a limited number of foreign countries where we believe significantmarkets for our products exist or where potentially significant competitors haveoperations. It is possible that a substantial market could develop in a country where wehave not received patent protection and under such circumstances our proprietary productswould not be afforded legal protection in these markets. Further, our competitors mayindependently develop or patent technologies that are substantially equivalent or superiorto ours. We cannot assure that additional patents will be issued to us or, if they areissued, as to the scope of their protection. Patents granted may not provide meaningfulprotection from competitors. Even if a competitor’s products were to infringe patentsowned by us, it would be costly for us to pursue our rights in an enforcement action, itwould divert funds and resources which otherwise could be used in our operations and wecannot assure that we would be successful in enforcing our intellectual property rights.In addition, effective patent, trademark, service mark, copyright and trade secretprotection may not be available in every country where we may operate or sell our productsin the future. If third parties assert technology infringement claims against us, thedefense of the claims could involve significant legal costs and require our management todivert time and attention from our business operations. If we are unsuccessful indefending any claims of infringement, we may be forced to obtain licenses or to payroyalties to continue to use our technology. We may not be able to obtain any necessarylicenses on commercially reasonable terms or at all. If we fail to obtain necessarylicenses or other rights, or if these licenses are costly, our results of operations maysuffer either from reductions in revenues through our inability to serve customers or fromincreases in costs to license third-party technologies.
**Use of our motors in vehicles could subject us to product liabilityclaims, and product liability insurance claims could cause an increase in our insurancerates or could exceed our insurance limits, which could impair our financial condition,results of operations and liquidity.

Because some of our motors are designed to be used in vehicles, andbecause vehicle accidents can cause injury to persons and property, we are subject to arisk of claims for product liability. We carry product liability insurance of $1 millioncovering all of our products. If we were to experience a large insured loss, it mightexceed our coverage limits, or our insurance carriers could decline to further cover us orraise our insurance rates to unacceptable levels, any of which could impair our financialposition and results of operations.

 
**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, 2005 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 officesSt. Charles, Missouri (1)
31,000
Leased
manufacturing and offices
(1)We completed a sublease on this    facility in May 2004 coincident with the divestiture of our contract electronics    manufacturing business.
 
**ITEM 3.****LEGAL    PROCEEDINGS****Litigation
We have previously reported    a claim against us by Hussmann Corporation filed in the Circuit Court of St. Charles    County, Missouri. On December 17, 2004, the Court in this action dismissed with prejudice    all of the plaintiff’s claims against us. On January 19, 2005, Hussmann filed a    notice of appeal seeking review of the dismissal, with the Missouri Court of Appeals. We    have filed an answer to the appeal and believe that Hussmann’s claims are without    merit and we intend to contest them vigorously. Nevertheless, we cannot assure you that    the Hussmann action will not be reinstated in the event the Hussmann appeal is successful.

In addition, 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 there can be no assurance that adverse developments in these matters could    not 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,    2005.
 
**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:
2005
 High
 Low
Fourth Quarter
$4.65
$2.27
Third Quarter
$2.69
$1.85
Second Quarter
$3.00
$2.19
First Quarter
$3.49
$2.44
2004
 High
 Low
Fourth Quarter
$3.47
$2.27
Third Quarter
$3.70
$2.73
Second Quarter
$3.85
$2.91
First Quarter
$3.05
$2.19
 

On May 24, 2005 the closing price of    our common stock, as reported on the American Stock Exchange, was $2.89 per share and    there were 829 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,                                              
        2005     
       2004     
     2003     
      2002     
      2001     Contract services    revenue
$   2,281,427 
 2,747,833 
2,985,639 
2,999,342 
2,283,292 Product sales
$   2,481,864 
 2,293,071 
4,566,721 
4,749,653 
3,900,404 Loss from continuing    operationsbefore other income    (expense)
$ (1,837,480)
(1,426,059)
(1,235,780)
(828,681)
(1,291,595)Loss from continuing    operations
$ (1,814,695)
(1,422,315)
(933,507)
(419,065)
(1,122,258)Discontinued    operations
$      (54,201)
(3,364,638)
(2,665,143)
(8,173,590)
(2,017,864)Net loss
$ (1,868,896)
(4,786,953)
(3,598,650)
(8,592,655)
(3,140,122)Net loss per common share -basic and diluted:Continuing operations
(0.09)      
(0.07)      
(0.05)      
(0.02)      
(0.06)      Discontinued operations
   -           
(0.18)      
(0.14)      
(0.47)      
(0.12)      
$    (0.09)      
    (0.25)      
(0.19)      
(0.49)      
(0.18)      
       
        
    
    
   Total assets
$ 13,159,640 
 8,721,258 
11,492,562 
16,129,535 
27,481,593 Long-term obligations    (1)
$      946,170 
 1,072,034 
1,189,262 
2,121,738 
3,471,760 Cash dividend declared percommon 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-lookingstatements" within the meaning of Section 27A of the Securities Act and Section 21Eof the Securities Exchange Act. These statements appear in a number of places in thisReport and include statements regarding our plans, beliefs or current expectations,including those plans, beliefs and expectations of our officers and directors with respectto, among other things the development of markets for our products; the adequacy of ourcash balances and liquidity to meet future operating needs, and our ability to issueequity or debt securities; and the effect of legal actions and claims that we are involvedin. Important Risk Factors that could cause actual results to differ from those containedin the forward-looking statements are listed below in Part II, Item 5 Other Information. **Introduction

We generate revenue from two principal activities: 1) research,development and application engineering services that are paid for by our customers; and2) the sale of motors, generators and electronic controls. The sources of engineeringrevenue typically vary from year to year and individual projects may vary substantially intheir periods of performance and aggregate dollar value. Our product sales consist of bothprototype low volume sales, which are generally sold to a broad range of customers, andannually recurring higher volume production for three principal customers during thefiscal year ended March 31, 2005 – Invacare Corporation, Ballard Power Systems, Inc.and Keith Products, Inc. For the previous two fiscal years, revenue derived from fundedengineering activities was $2.7 and $3.0 million, respectively. In the fall of 2004 wecompleted a follow-on offering of our common stock which generated net proceeds of $6.8million raising our available cash balances on hand upon completion of the offering to$8.0 million. We expect to use the proceeds to fund a modification in our businessstrategy that allows us to invest in selective customer projects that we believe willresult in volume production and to expand our production engineering and businessdevelopment groups in anticipation of the continued emergence of the market for hybridelectric vehicles. Hybrid electric vehicles require electric motors and generators of thetype we design and manufacture, and we intend to aggressively pursue both this emergingmarket as well as conventional markets where electric motors and generators are currentlyin use. As a result of the reallocation of engineering resources to these activities, ourrevenue from funded research and development declined by approximately 17 percent to $2.3million. Similarly, expenditures on production engineering activities for the fiscal yearrose to $0.2 million versus zero in each of the preceding two fiscal years. Product salesrevenue for the fiscal year rose modestly to $2.5 million versus $2.3 million last fiscalyear driven by an increase in low volume product sales, which rose to $0.8 million from$0.6 million. Volume product sales remained flat at $1.7 million this fiscal year versuslast fiscal year due to a stabilization in wheelchair motor sales after a steep decline inproduction of these units two years ago. However we continue to expect that sales of newproduction wheelchair motors will phase–out by the end of the third quarter of ournext fiscal year, although sales of field service units are expected to continueindefinitely. 

Loss from continuing operations for the current fiscal year rose to$1.8 million, or $0.09 per common share, versus $1.4 million, or $0.07 per common share,for our last fiscal year and $0.9 million, or $0.05 per common share, for the precedingfiscal year. The expansion in losses from two fiscal years ago to the current fiscal yearis generally attributable to declining total revenue, lower gross profit margins oncontract services, higher research and development expenditures in fiscal 2004 and higherexpenditures for the launch of our production engineering group in fiscal 2005.

In May 2004, we divested a contract electronics manufacturing businessthat was not a core business activity. Operating losses from this business for all periodspresented have been reclassified to discontinued operations and contributed $0.1 million,or nil per common share, $3.4 million, or $0.18 per common share, and $2.5 million, or$0.14 per common share, to our consolidated loss for the fiscal years ended March 31,2005, 2004 and 2003, respectively.

We believe our existing cash and short-term investments, which amountedto approximately $8.0 million at fiscal year end, will be adequate to fund themodification in our business strategy described above, as well as, the the launch of newproduction products over the next several years.
**Financial Condition

Cash and cash equivalents and short-term investments at March 31, 2005were $7,987,477 and working capital (the excess of current assets over currentliabilities) was $8,788,826 compared with $3,005,709 and $3,972,559, respectively, atMarch 31, 2004. The increase in cash and short-term investments and working capital isprimarily attributable to proceeds from a follow-on offering completed in November 2004,which resulted in cash proceeds, net of offering costs, of $6,767,465.

Accounts receivable increased $398,421 to $911,416 at March 31, 2005from $512,995 at March 31, 2004. The increase is primarily attributable to higher productsales revenue levels for wheelchair motors and slower collections during the fourthquarter of fiscal 2005 of the resulting accounts receivable. Historically, we have hadnominal bad debt expense arising from uncollectible accounts receivable due to the highcredit quality of our customers. Accordingly, no allowance for bad debts has been recordedat March 31, 2005 or 2004, respectively.

Costs and estimated earnings on uncompleted contracts increased$189,941 to $435,925 at March 31, 2005 versus $245,984 at March 31, 2004. The increase isdue to less favorable billing terms on contracts in process at March 31, 2005 versus March31, 2004. Estimated earnings on contracts in process declined to $190,619 or 5.4 percentof contracts in process of $3,534,389 at March 31, 2005 compared to estimated earnings oncontracts in process of $305,943 or 12.2 percent of contracts in process of $2,500,059 atMarch 31, 2004. The decrease in estimated margins on contracts in process is attributableto anticipated cost overruns on certain engineering projects.

Inventories increased $219,735 to $648,173 principally due to higherlevels of raw material, work-in-process and finished goods inventories which increased$144,070, $19,297 and $56,368, respectively. The increases in raw materials andwork-in-process inventories are attributable to higher production levels of wheelchairpropulsion motors. The increase in finished goods inventories is attributable to higherproduction levels of low volume motors and controllers that will be shipped in futureperiods.

Prepaid expenses increased to $109,640 at March 31, 2005 from $72,649at March 31, 2004 primarily due to higher levels of prepaid software and patentmaintenance costs at the end of the current fiscal year versus the prior fiscal year end.

Assets of discontinued operations was nil at March 31, 2005 compared to$1,226,943 at March 31, 2004 due to the completion of the divestiture of the equipment andinventory of our electronics products segment and the subsequent cessation of operationsduring the first quarter of fiscal year 2005. See also note 13 to the consolidatedfinancial statements.

We invested $194,069 for the acquisition of property and equipmentduring the fiscal year compared to $147,388 last fiscal year. The increase in capitalexpenditures is primarily due to an investment in quality control equipment in our powerproducts segment.

Accounts payable increased $285,533 to $678,007 at March 31, 2005 from$392,474 at March 31, 2004, primarily due to increased purchases of raw material.

Other current liabilities increased $11,488 to $269,746 at March 31,2005 from $258,258 at March 31, 2004*.*The increase is primarily attributable tohigher levels of accrued payroll and employee benefits, customer deposits, unearnedrevenue and accrued royalties.

Liabilities and commitments of discontinued operation were $154,287 atMarch 31, 2005 compared to $554,564 at March 31, 2004. The decrease was due to thecompletion of the divestiture of the equipment and inventory of our electronic productssegment and subsequent cessation of operations during the first quarter of fiscal year2005. The remaining March 31, 2005 balance represents legal fees associated with theHussmann litigation (see also note 17 to the consolidated financial statements) and thecurrent portion of the accrued lease obligations reflecting the estimated obligation forfuture lease payments on subleased facilities of our discontinued electronic productssegment for which we are the primary obligor. See also note 13 to the consolidatedfinancial statements.

Billings in excess of costs and estimated earnings on uncompletedcontracts decreased $122,742 to $66,510 at March 31, 2005 from $189,252 at March 31, 2004reflecting reduced levels of billings on engineering contracts during the fiscal yearended March 31, 2005 versus the prior fiscal year.

Long-term debt, less current portion decreased $135,508 to $810,915 atMarch 31, 2005 from $946,423 at March 31, 2004 reflecting principal repayments on themortgage debt for our Frederick, Colorado facility.

Long-term accrued lease obligation was $57,051 at March 31, 2005compared to $192,118 at March 31, 2004 reflecting the estimated obligation for futurelease payments on subleased facilities of our discontinued electronic products segment forwhich we are the primary obligor. See also note 13 to the consolidated financialstatements below.

Common stock and additional paid-in capital increased to $231,771 and$64,767,975, respectively, at March 31, 2005 compared to $195,726 and $58,025,631 at March31, 2004. The increases were primarily attributable to completion of a follow-on offeringof 3,600,000 shares of common stock to investors in North America and Europe. Net cashproceeds to the Company from the offering were $6,767,465.
**Results of Continuing Operations

Continuing operations for the fiscal year ended March 31, 2005,resulted in a loss of $1,814,695, or $0.09 per common share, compared to a loss fromcontinuing operations of $1,422,315, or $0.07 per common share, and $933,507, or $0.05 percommon share, for the fiscal years ended March 31, 2004 and 2003, respectively. Theincrease in the current year loss from continuing operations is attributable to decliningtotal revenue, lower gross profit margins on contract services, higher expenditures forthe launch of our production engineering group, and the inclusion in the prior two fiscalyears of gain on sale of Taiwan Joint Venture of $60,975, or nil per common share, andgain on sale of real estate of $322,139, or $0.02 per common share, in fiscal 2004 and2003, respectively.

Revenue from contract services declined $466,406, or 17.0 percent, to$2,281,427 at March 31, 2005 compared to $2,747,833 for the fiscal year ended March 31,2004. The decrease is primarily attributable to lower staff utilization on revenuegenerating programs due to cost overruns on certain engineering projects and theapplication of certain engineering personnel that would typically be billed to customersto our internally funded production engineering activities. Revenue from contract servicesdecreased $237,806, or 8.0 percent, for the year ended March 31, 2004 compared to revenuefor the year ended March 31, 2003 reflecting the application of engineering resources tointernally funded research and development programs.

Product sales this fiscal year increased 8.2 percent to $2,481,864compared to $2,293,071 for the year ended March 31, 2004. Product sales revenue for thefiscal year ended March 31, 2004 declined 49.8 percent from $4,566,721 for the year endedMarch 31, 2003 to $2,293,071. Power products segment revenue for the year ended March 31,2005 decreased $26,788, or 1.6 percent, to $1,674,177 compared to $1,700,965 for fiscalyear ended March 31, 2004 due to decreased shipments of wheelchair propulsion motors. Weexpect that sales of new production wheelchair propulsion motors will phase–out bythe end of the third quarter of our next fiscal year, although sales of field serviceunits are expected to continue indefinitely. Power products segment revenue for the fiscalyear ended March 31, 2004 decreased to $1,700,965, or 58.9 percent, compared to $4,136,328for fiscal year ended March 31, 2003 due to decreased shipments of wheelchair propulsionmotors. Technology segment product revenue for the fiscal year ended March 31, 2005increased $215,581, or 36.4 percent, to $807,687 compared to $592,106 for fiscal yearended March 31, 2004 due to increased shipments of propulsion systems for hybrid electricbus programs and the hybrid electric unmanned ground vehicle program. Technology segmentproduct revenue for the fiscal year ended March 31, 2004 increased $161,713, or 37.6percent, versus revenue for the fiscal year ended March 31, 2003 reflecting increasedshipments of fuel cell air compressor drive motors and propulsion systems.

Gross profit margins for the fiscal year decreased to 5.7 percentcompared to 17.2 and 15.3 percent for the fiscal years ended March 31, 2004 and 2003,respectively, primarily due to a decrease in gross profit margins on contract services.Gross profit on contract services was a negative 9.4 percent this fiscal year compared to19.4 and 16.0 percent for the fiscal years ended March 31, 2004 and 2003, respectively.The decrease in contract services margins for the current fiscal year versus the fiscalyear ended March 31, 2004 is attributable to decreased overhead absorption and costoverruns on certain engineering contracts this year versus the prior fiscal year period.The increase in contract services margins for the fiscal year ended March 31, 2004 versusthe fiscal year ended March 31, 2003 is attributable to increased overhead absorption andlower levels of cost overruns on certain engineering contracts. Gross profit margin onproduct sales this fiscal year was 19.6 percent compared to 14.5 percent and 14.8 percentin the fiscal years ended March 31, 2004 and 2003, respectively. The increase in marginson product sales for this fiscal year versus the prior fiscal year is attributable to amore favorable product mix. The decrease in margins on product sales for the fiscal yearsended March 31, 2004 versus the fiscal year ended March 31, 2003 resulted from decreasedoverhead absorption associated with lower revenue levels in our power products segment.

Research and development expenditures for the fiscal year ended March31, 2005 decreased to $171,918 compared to $461,223 and $117,735 for the fiscal yearsended March 31, 2004 and 2003, respectively. The decrease was primarily due to thecompletion of an internally funded development of a new microprocessor platform for ourpower electronics controls mid-fiscal year that was started in fiscal 2004. The increasein research and development expenditures for the fiscal year ended March 31, 2004 comparedto the prior fiscal year is primarily due to an internally funded effort to develop a newmicro-processor platform for our power electronic controls and an increase in cost-sharetype contracts.

Production engineering costs were $211,933 for the fiscal year endedMarch 31, 2005 versus zero for the prior two fiscal years. The increase is attributable toour strategy to increase our manufacturing capability and infrastructure, and consistsprimarily of salary and overhead costs for newly hired manufacturing management and staffpersonnel.

General and administrative expense this fiscal year was $1,686,409compared to $1,799,472 and $2,245,182 for the fiscal years ended March 31, 2004 and 2003,respectively. The decrease for this fiscal year versus last fiscal year is primarilyattributable to lower insurance premium costs. The decrease in general and administrativeexpenses for the fiscal year ended March 31, 2004 versus the fiscal year ended March 31,2003 is primarily attributable to cost reduction activities at all business unitsthroughout the year.

Impairment of long-lived assets for the fiscal years ended March 31,2005 and March 31, 2004 were $39,748 and $30,523, respectively, and are attributable tothe write-down of costs associated with abandoned patent applications. The impairment oflong-lived assets for the fiscal year ended March 31, 2003 of $26,384 is primarilyattributable to the impairment and disposal of obsolete equipment and abandoned patentapplications.

Interest income rose to $97,188 for the current fiscal year compared to$26,362 and $28,035 for the fiscal years ended March 31, 2004 and 2003, respectively. Theincrease is attributable to higher levels of invested cash and higher yields on investedbalances during the fiscal year versus the two prior fiscal years.

Interest expense decreased to $74,005 for the year ended March 31, 2005compared to $84,193 and $62,266 for the fiscal years ended March 31, 2004 and 2003,respectively. The decrease is due to lower average mortgage borrowings outstandingthroughout the fiscal year as compared to the prior fiscal year. The increase for fiscalyear ended March 31, 2004 as compared to the prior fiscal year is primarily attributableto higher average mortgage borrowings throughout the fiscal year.

Gain on sale of real estate in the fiscal year ended March 31, 2003 of$322,139 is attributable to the recognition of gain from the sale of our previouscorporate facility.
**Results of Discontinued Operations

In January 2004, we committed to a plan to exit our contractelectronics manufacturing business whose results were reported as the electronic productssegment. In May 2004, we completed the divestiture of equipment and inventory of thisbusiness for which $0.9 million in cash and a 15 percent ownership interest in thepurchaser. We did not record any value for the common stock of the purchaser received inthis transaction due to uncertainty regarding our ability to realize economic value on theresale of our ownership interest. In addition, the purchaser executed a sublease on ourSt. Charles, Missouri manufacturing facility for the remaining term of our lease. However,we are the primary obligor on the lease and due to substantial doubt regarding thesublessee’s financial capability to meet its obligation under the sublease, we haverecorded an estimate of the potential shortfall under our master lease should paymentsunder the sublease obligation not be fully honored. At March 31, 2005 liabilities andcommitments of discontinued operations totaled $211,338 of which $204,985 was associatedwith the lease commitment and $6,353 was accounts payable and other current liabilities.

In October 2001, we formalized a plan to close our contract gearmanufacturing business, which was part of our mechanical products segment. 

The operating results of these businesses for the years ended March 31,2005, 2004 and 2003 have been reported separately as discontinued operations together withestimated losses on the disposal of division assets. Loss from discontinued operationsincludes interest expense on debt used to acquire manufacturing machinery and equipmentbut does not include allocations of general corporate overheads, which have been allocatedto other business segments. Operating results of all prior periods presented have beenadjusted to reflect the contract electronics manufacturing and contract gear manufacturingbusinesses as discontinued operations. 

Loss from discontinued operations for the fiscal year ended March 31,2005 was $54,201, or nil per common share, compared to a loss from discontinued operationsof $3,364,638, or $0.18 per common share, and $2,665,143, or $0.14 per common share, forthe fiscal years ended March 31, 2004 and 2003, respectively.
**Liquidity and Capital Resources

Our cash balances and liquidity throughout the fiscal year ended March31, 2005 were adequate to meet operating needs. At March 31, 2005, we had working capital(the excess of current assets over current liabilities) of $8,788,826 compared to$3,972,559 at March 31, 2004. The increase of $4,816,267 in working capital is primarilyattributable to cash proceeds, net of offering costs, of $6,767,465 received from afollow-on offering of common stock completed in November 2004, higher levels of accountsreceivable and inventories, and a reduction in liabilities of discontinued operations,which were partially offset by higher levels of accounts payable.

For the year ended March 31, 2005 net cash used in operating activitiesof continuing operations was $2,089,941 compared to net cash used in operating activitiesof $1,292,699 for the year ended March 31, 2004 and cash provided by operations of$134,462 for the fiscal year ended March 31, 2003. The increase in cash usage is primarilyattributable to higher levels of operating losses, accounts receivables and inventoriesthis fiscal year versus last fiscal year. The increase in cash used in operatingactivities for the year ended March 31, 2004 versus cash provided by operating activitiesfor year ended March 31, 2003 was primarily due to higher levels of operating losses andlower levels of cash provided from collections of accounts receivable and the reduction ofinventories.

Net cash used in investing activities of continuing operations for thefiscal year ended March 31, 2005 was $2,397,640 compared to cash provided by investingactivities of $241,444 for the previous fiscal year. The change this fiscal year versuslast fiscal year was primarily due to cash used for the purchase of short-term investmentsecurities of $2,163,608. The increase in cash provided by investing activities for theyear ended March 31, 2004 versus cash used in investing activities for year ended March31, 2003 was due to the sale of our ownership interest in Taiwan UQM which provided cashproceeds of $445,275 and lower levels of capital expenditures for property and equipment,facility expansion and patent and trademark costs. 

Net cash provided by financing activities of continuing operations was$6,668,343 for the fiscal year ended March 31, 2005 versus $2,032,800 for the precedingfiscal year. The increase is attributable to larger cash proceeds from the sale of commonstock this year versus last year partially offset by reduced proceeds from bank borrowingsduring the current fiscal year. Net cash provided by financing activities for fiscal 2004declined to $2,032,800 versus the fiscal 2003 level of $5,089,916 due to reduced proceedsfrom the sale of common stock and reduced proceeds from bank borrowings.

Our mortgage debt facility requires us to comply with certain financialcovenants in order for the mortgage to continue to be available on a long-term basis. AtMarch 31, 2005, we were in compliance with all financial covenants. In the event ouroperating results are not sufficient to maintain compliance with these covenants, we couldexperience a material adverse change in liquidity.

We expect to manage our operations and working capital requirements tominimize the future level of operating losses and working capital usage consistent withexecution of our business plan, however, we cannot provide assurance that we will besuccessful in achieving these objectives. We believe our available cash resources aresufficient to fund our expected level of operations for the next several years. Duringfiscal 2005, the emerging market for hybrid electric automobiles began to expand at anunexpected rate due to the market success of hybrid electric passenger cars introduced byvarious automakers. As a result, several additional automakers have announced plannedintroductions of similar vehicles and others are expected to follow as the marketacceptance of these vehicles continues to grow. In addition, truck manufacturers, off-roadvehicle manufacturers and numerous other vehicle manufacturers are considering hybridelectric systems for use in the vehicles they manufacture and market. As a result of thisindustry trend, we expect expanded demand for our proprietary propulsion systems, whichare suited for a wide range of hybrid electric vehicle platforms. In order to capitalizeon this anticipated expansion in demand, we have begun, and expect to continue, to makesubstantial investments from the proceeds of our recently completed follow-on offering ofcommon stock in human resources, manufacturing facilities and equipment, production andapplication engineering, among other things. We expect to fund our operations over atleast the next several years from existing cash and short-term investment balances andfrom available bank financing, if any. We can, however, not provide any assurance that ourexisting financial resources will be sufficient to execute our business plan. If ourexisting financial resources are not sufficient to execute our business plan, we may issueequity or debt securities in the future. In the event financing or equity capital to fundfuture growth is not available on terms acceptable to us, we will modify our strategy toalign our operation with then available financial resources.
**Contractual Obligations**
The following table presents information about our contractualobligations and commitments as of March 31, 2005:
**Tabular Disclosure of    Contractual Obligations   **                                 Payments    due by    Period                                   ** 

          Total   **Less    Than   

   1 Year      ** 

2 – 3 Years 
 
**4 – 5 Years**More    than 

5 Years    
Long-term debt    obligations
$     946,170 
135,255   
287,990 
522,925 
-       
Operating lease    obligations
$     515,095 
262,951   
252,144 
-       
-       
Purchase    obligations
$     178,214 
178,214   
-       
-       
-       Executive compensation    underemployment agreements
$  1,747,250 
   447,000   
1,041,250 **
259,000 **
   -       
Total
$   ***************************************************************************************** |
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