|  |  | 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 THESECURITIES EXCHANGE ACT OF 1934For the fiscal year ended March    31, 2006
OR[  ]TRANSITION REPORT PURSUANT TO SECTION 13 OR    15(d) OF THESECURITIES EXCHANGE ACT OF 1934For 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  [X]
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 105,495,594 (based on the June 9,    2006 closing price of Common Stock of $4.26 per share as reported on the American Stock    Exchange). As of June 9, 2006, there were 25,129,019 shares of Common Stock outstanding.
DOCUMENTS    INCORPORATED BY REFERENCE
Document of the    Registrant
Form 10-K    Reference Locations
Portions of the    2006 Proxy Statement
Part III**Table of Contents**PART I.**Item 1.BusinessItem 1A.Risk    FactorsItem 1B.Unresolved Staff CommentsItem 2.PropertiesItem 3.Legal    ProceedingsItem 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 SecuritiesItem 6.Selected Financial DataItem 7.Management’s    Discussion and Analysis of Financial Condition and Results of OperationsItem 7A.Quantitative    and Qualitative Disclosures About Market RiskItem 8.Financial Statements    and Supplementary DataReports    of Independent Registered Public Accounting Firm – Grant Thornton LLPReport of    Independent Registered Public Accounting Firm – KPMG LLPConsolidated Balance Sheets as of March 31, 2006 and March 31, 2005Consolidated Statements of Operations for the Fiscal Years ended March 31, 2006,    2005 and 2004Consolidated Statements of Stockholders’ Equity and Comprehensive Loss for    the Fiscal Yearsended March 31, 2006, 2005 and 2004Consolidated Statements of Cash Flows for the Fiscal Years ended March 31, 2006,    2005 and 2004Notes to Consolidated    Financial StatementsItem 9.Change    In and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A.Controls and ProceduresItem 9B.Other    Information**PART III.**Item 10.Directors and    Executive Officers of the RegistrantItem 11.Executive CompensationItem 12.Security Ownership of Certain Beneficial Owners and Management and Related    Stockholder MattersItem    13.Certain    Relationships and Related TransactionsItem 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 ourproducts, and the adequacy of our cash balances and liquidity to meet future operatingneeds. Important Risk Factors that could cause actual results to differ from thosecontained in the forward-looking statements are listed below in Part I, Item 1A. RiskFactors.***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, generators, power electroniccontrollers and 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 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 our proprietarytechnology to customers’ products; and 2) the manufacture and sale of productsengineered by us. 

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 our products.
**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) motorshave high operating efficiencies, high power density (high power output to weight ratio)and generally have smaller external dimensions and weight for a given 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, intelligent controland 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 drives in electric, hybrid electric and fuel cell electricvehicles due to the ability to power a vehicle from a standing stop to highway speedswithout mechanical gear changes, thereby eliminating the size, weight and cost ofmechanical transmissions.
We have also developed a technology that allows our permanent magnetmotors to achieve a 10 to 1 top speed to base speed ratio. This technology also providesboth high torque and high-speed capability in the same machine, but at levels greater thanthat of other motor technology. Many electric motor applications require high torquecapability for starting and low speed operation, but must also achieve high speed. Formilitary vehicles, high torque at low speed translates into obstacle and grade climbingcapability, while high speed enables pursuit, dash and evasive maneuvers as well ason-road convoy transport. Many commercial applications have similar requirements.Conventional vehicles achieve the high torque required for launch and low end accelerationand the constant power required for high road speed by using a transmission and multiplegear changes. Prior to this performance breakthrough, UQM(R) systems incorporating phase advance were able to achieve a top speed to basespeed ratio of 4 to 1. Electrically propelled vehicles designed around a 4 to 1limitation, sometimes require unwanted gearing and/or have less than desired performance.This has particularly been the case in the more demanding off-highway equipment andmilitary vehicle applications. Providing vehicle developers with electric propulsionsystems capable of a top speed to base speed ratio of 10 to 1 overcomes a significantlimitation and opens up potential new application opportunities for UQM(R) systems.
We also recently developed a new method of electronic control for ourpermanent magnet motor and generator systems, which further improved 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 increased peak power output by 33percent; continuous power output increased by 50 percent and system efficiency at variousoperating points improved by 2 to 8 percent. In addition, the new method of controlincludes enhanced user configurable functionality and increased data transmission andprocessing speeds, which improve feedback, prognostics and diagnostic capabilities, all ofwhich enhance the durability and functionality of the systems.

The majority of our research and development activities are the resultof 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.

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.
**Markets**
Our primary focus is the commercialization of our technology in bothexisting and emerging markets for electrically powered vehicle propulsion systems andauxiliary systems for vehicles.
***Existing Markets***
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 electric vehicle marketsthat we believe present opportunities for the commercialization of our proprietarytechnology include electric wheelchairs, golf carts, forklift trucks and other warehousevehicles, aircraft tugs and other support equipment, commercial floor cleaning equipmentand other similar markets where the product application generally requires high torque andvariable speed operation. In addition, there are a multitude of electric auxiliary motorsused on conventional vehicles that provide a further opportunity for replacement by oursystems. 

We have developed and commercialized several products for existingmarkets that are currently being manufactured by our wholly-owned subsidiary, UQM Power.These products include a direct-drive propulsion motor used in Invacare Corporation’sStorm(R) electric wheelchair forwhich we are supplying field service and warranty units, fan blower motors used inaircraft air conditioning systems manufactured by Keith Products, Inc. and a recentlyintroduced vehicle auxiliary motor for a new customer.
Nearly all existing market applications utilize low cost components,making it difficult for the customer to justify the adoption of more costly andtechnologically superior components. In order to successfully compete in these cost drivenmarkets, we have adopted a part sourcing and manufacturing strategy designed to providehigh quality and low pricing for our customers. In 1998, our manufacturing operationsachieved ISO 9002 quality certification, and we are currently in the process of adoptingthe Advanced Product Quality Planning ("APQP") automotive procedures.

Our strategy for the near term is to source components with qualitysuppliers and to perform final assembly, testing, pack-out and shipping from ourFrederick, Colorado facility. We have established relationships with many low costsuppliers, including a number of international companies. We also have completed are-layout of our manufacturing area, including assembly of a mezzanine second level, whichhas doubled our available production floor space. We are in the process of putting inplace highly automated, flexible, mixed model assembly systems which will be computercontrolled and monitored for quality assurance and consistent performance. Depending onproduct complexity and mix, we believe the capacity of our current 30,000 sq. ft. facilityis up to 250,000 units per shift per year. We also own 2.5 acres of land adjacent to ourcurrent facility where we can construct an additional 25,000 sq. ft. of manufacturingfloor space.

We expect to continue to aggressively pursue the commercialization ofboth technologically advanced and low cost products that we develop to customerspecifications in these large, established markets.
***Emerging Markets***
Potentially large markets are developing in conjunction with theelectrification of a wide-range of vehicle platforms. Electrification of vehicles is beingpursued for a variety of application specific reasons including: 1) improved fuel economy,2) lower vehicle emissions, 3) greater reliability and lower maintenance, 4) the need forhigher levels of available onboard electric power to run electrical devices, and 5)improved performance and vehicle control. Of these reasons, improved fuel economy hasemerged as a significant factor in the development and potential rate of growth of theemerging markets as crude oil prices continue to rise, recently exceeding $75 per barrel,and consumers and businesses alike contend with gasoline and diesel prices of over $3.00per gallon. This trend toward higher fuel prices is expected to continue for theforeseeable future driven by tight supply levels, geopolitical turmoil in key oilproducing countries and increasing world demand driven principally by escalatingconsumption of fossil fuels by developing countries such as China and India.

Crude oil consumption in the United States as reported by theTransportation Energy Data Book; Edition 22 and the EIA Annual Energy Outlook 2003averages approximately 20 million barrels per day. Of this amount, approximatelytwo-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 from passengervehicles and over-the-road trucks to off-road vehicles such as agricultural tractors,construction equipment and military vehicles, can potentially offer improvements in fueleconomy and emissions. Nearly all conventional vehicles are powered by a gasoline ordiesel fueled internal combustion engine that converts the energy stored in the fuel torotating power out of the engine. The power out of the engine’s rotating shaft isused to propel the vehicle and operate all of the vehicles auxiliaries either directlywith belts, pulleys and gears or indirectly through electricity generated from a beltedalternator.

Internal combustion engines are relatively inefficient, converting only30 to 40 percent of the input energy in the fuel to the output shaft to do useful work.The remaining 60 to 70 percent of the input energy is wasted by the engine as heat loss.Electric motors on the other hand, are much more efficient in converting input electricenergy to the rotating shaft to do useful work. UQM(R)electric propulsion systems have some of the highest efficiencies (inputenergy to output work) in the industry ranging from 80 to 95 percent.
 

The electrification of vehicles can range from simply replacinginefficient belt and gear driven under-the-hood auxiliaries (water pump, power steering,HVAC, cooling fans etc.) with efficient electric powered ones, to eliminating the internalcombustion engine entirely and replacing it with full electric propulsion such as in abattery or fuel cell powered vehicle. Generally, as the vehicle powerplant content becomesincreasingly more electric, the fuel efficiency improves and the cost and complexityincreases. 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 electrification of vehicleswill continue at an accelerated pace. Accordingly, we have developed and continue todevelop, with funding from our customers, electric propulsion systems and other motor andelectronic products that will enable our customers to introduce alternative poweredvehicles in the markets they serve, should they elect to do so. An expanded description ofthe different degrees of vehicle electrification 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 powerplant, 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 development ofproducts for the electrification of vehicles including electric motors, generators andelectronic controls to power under-the-hood auxiliaries such as water, oil and fuel pumps,power steering, cooling fans and air conditioning compressors. In addition, we havedeveloped highly efficient electric propulsion systems for each category of vehicledescribed above with power levels of 0.5 Kw to 120 Kw, which are suitable for vehiclesranging from wheelchairs to passenger automobiles to large trucks, tractors, constructionequipment and military vehicles. In addition we are pursuing the commercialization of ourtechnology and products designed by us in numerous large existing markets where we intendto replace an existing supplier through the introduction of technologically advancedproducts or lower cost systems or a combination of both.

We believe that our technology and products are well-suited forapplication in a wide range of vehicles as the trend toward electrification continues togain momentum. In this regard, we have focused our attention on several niche marketswhere we believe we can most effectively compete and which we expect to have higher thanaverage rates of growth and expansion. A brief description of each of these marketsfollows:
**Over-the-road trucks – The U.S. Department of Energy estimatedthat in 2004, trucks consumed 8 million barrels of crude oil per day and they project thatby 2025, trucks will consume approximately two-thirds of all crude oil used intransportation, or 12 million barrels of crude oil per day.

There are approximately 6 million trucks, buses and other heavy-dutyon-road vehicles sold in the United States each year. The market for these vehicles ischaracterized by a large number of suppliers, a wide-range of vehicle designs andconfigurations, diverse power and performance levels and relatively low production volumesfor each model. As a result, the typical truck manufacturer is unlikely to have thetechnical expertise or financial resources to internally develop products that can competein emerging markets for increasingly electrified vehicles. Accordingly, we expect truckmanufacturers to purchase products from suppliers who have developed technologicallyadvanced electric motors, generators and power electronic energy management controls thatcan be applied to their vehicles. We are working with a number of customers in thedevelopment and application of our products to both trucks and buses and expect tocontinue to aggressively pursue the commercialization of our products as this marketemerges over the next several years. Our customers in the over-the-road truck marketinclude Eaton Corporation and International Truck and Engine Company for heavy-duty hybridpropulsion systems 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 the small -wheelchairs, golf carts, fork trucks, riding lawn mowers, snowmobiles, all-terrainvehicles, etc., to large construction, agricultural and mining equipment. The markets forsmall vehicles are typically characterized by relatively high volumes, low power levels,and commodity pricing. We have been supplying wheelchair motors to Invacare Corporationfor the last five years and expect to continue to supply field service parts forwheelchairs for the foreseeable future. In addition, we expect to continue to competeselectively in markets where the customer requires advanced technology or superiorperformance and where acceptable gross profit margins are obtainable. The market for largeequipment- tractors, construction, mining and other specialty equipment- possesses many ofthe same characteristics as the over-the-road truck market described above. It isestimated that approximately 500,000 of these vehicles are sold in the United States eachyear. Accordingly, we expect these vehicle manufacturers to purchase products with similarspecifications as those required in over-the-road trucks from suppliers who have developedtechnologically advanced electric motors and power electronic energy management controlsthat can be applied to their vehicles. Although these vehicles are produced in relativelylower volumes, they nevertheless represent a substantial opportunity due to higher powerlevels, substantial technical complexity and therefore substantially higher productcontent and dollar value per vehicle. Our customers in the off-road vehicle market areDeere & Company for whom we have developed a variety of propulsion systems forconstruction and agricultural equipment, as well as small lawn and grounds care products;and Engineered Machined Products, Inc. for a variety of motors and controllers to powerunder-the-hood auxiliary devices.
**Military vehicles – The U.S. military purchases a wide rangeof ground vehicles each year including combat vehicles such as tanks, self-propelledartillery and armored personnel carriers, as well as a variety of light, medium andheavy-duty trucks for convoy and supply operations and for the transport of fuel used onthe battlefield. The military is particularly interested in the electrification ofvehicles because the attributes these vehicles possess offer exceptional potential for themilitary to achieve its long-term objectives of developing a highly mobile, lethalfighting force. Fuel economy improvements in military vehicles transfer into substantialsavings in support infrastructure and transportation costs associated with transportingfuel to the battlefield, which is typically thousands of miles from the United States. Forexample, if fuel economy improvements of 25 percent are achieved in the average truck, acorresponding amount of fuel does not have to be transported and therefore a correspondingnumber of airplanes or tankers are not required in the transportation process. Also, theavailability of onboard electrical power on vehicles opens up new opportunities for thedevelopment of sophisticated surveillance, detection and battlefield monitoring equipmentand for laser, microwave and electrical pulse weapon systems. It is estimated that themilitary purchases approximately 8,000 trucks per year and greater numbers during periodsof armed conflict. As is the case with large off-road equipment, these vehicles areproduced in relatively lower volumes, operate at higher power levels, have substantialtechnical complexity and therefore substantially higher product content and dollar valueper vehicle. Our customers in the military vehicle market include Stewart & StevensonTactical Vehicle Systems, LP for medium tactical truck parallel hybrid propulsion systemsand DRS Technologies, Inc for HMMWV (pronounced "HUMVEE") and series hybridpropulsion systems, Engineered Machined Products, Inc. for a variety of motors andcontrollers to power under-the-hood auxiliary devices.
**Distributed power generation – As the price of crude oil andnatural gas has continued to rise over the last several years, there has been an increasedfocus on the development and adoption of clean, renewable energy products including windturbine power generators, solar panels and stationary fuel cell power generators. Inaddition, many experts believe that power users will increasingly consider on-site powergeneration using diesel or natural gas fueled internal combustion engine generators as analternative to power supplied over the electrical grid. We have developed and expect tocontinue to develop generators for this market. In addition, we have also developed DC toAC electronic power inverters for use in distributed power generation applications toconvert the DC output of these devices to usable AC power for the homeowner or business.
**Other markets – We have also developed and expect to continueto develop electric products for the aircraft and aerospace market and the boat and marinemarket. In the aerospace market, our focus is on auxiliary power units for the generationof onboard power and other electric auxiliary systems such as components for aircraft airconditioning systems. We have also developed hybrid propulsion systems for various boatapplications. We believe that the fuel efficiency benefits of vehicle electrification canalso be realized in the boat and marine markets. Accordingly, we are pursuing a variety ofopportunities for our electric motors, generators and electronic controls in thesepotentially large niche markets.
**Business Segments**
At March 31, 2006, we had two reportable segments. These reportablesegments are strategic business units that offer different products and services and aremanaged separately because of their different business strategies.
***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 electroniccontrollers into customers’ products; and 3) support of our power products segmentand 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 facility located inFrederick, Colorado with the technology segment. UQM Power is ISO 9002 quality certifiedmanufacturer of motors and electronic products designed by the company. 
***Electronic Products Segment – Discontinued Operations***
In May 2004, we completed the divestiture of the assets of ourelectronics product segment. This business consisted of the manufacture of thru-hole andsurface mount electronic printed circuit board assemblies, wire harness assemblies,value-added component assemblies incorporating either printed circuit board assemblies,wire harness assemblies or both, and complete turn-key electronic product builds. Theoperations of this divested business are reported as discontinued operations in ourstatements of operations for the fiscal years ended March 31, 2006, 2005 and 2004. Seealso "Management’s Discussion and Analysis of Financial Condition and Results ofOperations" below. 
**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 we hope to market to vehicle original equipment manufacturersand their Tier I suppliers throughout the world for use in electric, hybrid electric andfuel cell electric vehicles. In recent years, the market for hybrid electric automobileshas begun to emerge led by the introduction and market success of the Toyota Prius and theHonda Insight and Civic hybrid electric passenger cars. As a result, additional vehiclemakers have introduced hybrid passenger vehicles and other vehicle manufacturers in bothon-road and off-road markets are expected to develop and introduce a variety of hybridelectric vehicles as the market acceptance of these vehicles continues to grow. 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 companies, many of whom possess longer operating histories, significantly greaterfinancial resources and marketing, distribution and manufacturing capability. We believeour principal competitors include Advanced DC, Allied Motion, Emerson Electric, GeneralElectric, 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 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.

In 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, 2006, 2005 and 2004 were $19,377, $20,833 and $23,208, 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 fromcustomers, which will provide future revenue upon completion totaling approximately $2.2million and an order backlog for prototype motors and controllers of approximately $0.1million at April 30, 2006 compared to $1.3 million and $0.1 million, respectively at April30, 2005. All such service contracts are subject to amendment, modification orcancellation. We expect to complete all unperformed service contracts over the nextseventeen months and ship motor and controller backlog products over the next two months.

Our power products segment had an order backlog of approximately $2.1million at April 30, 2006 compared to $0.7 million at April 30, 2005. We expect to shipall backlog products within the next twelve months.
**Customers and Suppliers**
We have one significant customer, Invacare Corporation, which is acustomer of our power products segment and accounted for revenue of $681,000, or 15.8percent of consolidated total revenue in the fiscal year ended March 31, 2006 and$1,370,792, or 28.8 percent, and $1,643,215, or 32.6 percent of consolidated totalrevenue, for the fiscal years ended March 31, 2005 and March 31, 2004, respectively. Thiscustomer also represented nil and 36.5 percent of total accounts receivable at March 31,2006 and 2005, respectively. Inventories consisting of raw materials, work-in-process andfinished goods for Invacare Corporation were 10.2 percent and 24.9 percent of consolidatedtotal inventories at March 31, 2006 and 2005, respectively. 

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 $1,847,300, or approximately42.7 percent of our consolidated total revenue, for the year ended March 31, 2006,$1,271,781, or approximately 26.7 percent of consolidated total revenue, for the yearended March 31, 2005 and $1,011,818, or approximately 20.1 percent of consolidated totalrevenue, for the year ended March 31, 2004. Accounts receivable from government-fundedcontracts represented 50 percent and 18 percent of total accounts receivable as of March31, 2006 and 2005, respectively.

Some of our business with the U.S. Government was performed on a costplus fixed fee basis. These contracts provide for reimbursement of costs, to the extentallocable and allowable under applicable regulations, and payment of a fee. Certain othercontracts with the U.S. Government provide for the reimbursement of costs on a 50 percentcost-sharing basis based on not-to-exceed billing rates negotiated between the U.S.Government and us. Other U.S. Government business is performed under firm fixed pricecontracts. On "cost-share" and "firm fixed price" contracts, we canincur an actual loss in the performance thereof if incurred costs exceed the contractamount. All of our U.S. Government contracts are subject to modification or cancellationat the convenience of the Government.
**Employee and Labor Relations**
As of April 30, 2006, we had 47 full-time employees. We have enteredinto employment contracts with two of our executive officers, one of these contractsexpires on December 31, 2007 and the other expires on December 31, 2010. None of ouremployees are covered by a collective bargaining agreement. We believe our relationshipwith employees has been generally satisfactory.

In addition to our full-time staff, we from time to time engage theservices of outside consultants and contract labor to meet peak workload or specializedprogram requirements. 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. 
**ITEM 1A.****RISK FACTORS**
Before investing in our securities you should carefully consider thefollowing factors and other information in this document and the information incorporatedby reference.
**We have incurred significant losses and may continue to do so.**
We have incurred significant net losses as shown in the followingtables:

                                      Fiscal    Year Ended March    31,                               
      2006       
      2005       
     2004      Net loss
$   2,784,970 
$   1,868,896 
$ 4,786,953 
We have had accumulated deficits as follows:
March 31, 2006
$ 56,796,847 March 31, 2005
$ 54,011,877 
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, 2006 was $2,784,970versus a net loss for the comparable period last year of $1,868,896. At March 31, 2006,our cash and short-term investments totaled $10,086,200. If our losses continue,operations could consume some or all of our cash balances. We expect to make additionalinvestments in human resources, manufacturing facilities and equipment, production andapplication engineering, among other things, in order to effectively compete in theemerging market for hybrid electric vehicles. We cannot assure, however, that our existingcash resources will be sufficient to complete our business plan. Should our existing cashresources be insufficient, 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.
**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 achieve 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 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, 2006 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
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,    2006.
 
**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:
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
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
On June 9, 2006 the closing price of    our common stock, as reported on the American Stock Exchange, was $4.26 per share and    there were 795 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,                                              
        2006     
       2005     
     2004     
      2003     
      2002     Contract services    revenue
$   2,502,098 
 2,281,427 
 2,747,833 
2,985,639 
2,999,342 Product sales
$   1,820,468 
2,481,864 
 2,293,071 
4,566,721 
4,749,653 Loss from continuing    operationsbefore other income    (expense)
$ (3,039,659)
 (1,837,480)
(1,426,059)
(1,235,780)
(828,681)Loss from continuing    operations
$ (2,757,386)
(1,814,695)
(1,422,315)
(933,507)
(419,065)Discontinued    operations
$      (27,584)
(54,201)
(3,364,638)
(2,665,143)
(8,173,590)Net loss
$ (2,784,970)
(1,868,896)
(4,786,953)
(3,598,650)
(8,592,655)Net loss per common share -basic and diluted:Continuing operations
$     (0.11)     
(0.09)     
(0.07)     
(0.05)     
(0.02)     Discontinued operations
   -          
   -          
(0.18)     
(0.14)     
(0.47)     
$     (0.11)     
    (0.09)     
(0.25)     
(0.19)     
(0.49)     
       
        
    
    
   Total assets
$ 14,796,088 
13,159,640 
8,721,258 
11,492,562 
16,129,535 Long-term obligations    (1)
$      924,559 
 946,170 
1,072,034 
1,189,262 
2,121,738 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, and the adequacy ofour cash balances and liquidity to meet future operating needs. Important Risk Factorsthat could cause actual results to differ from those contained in the forward-lookingstatements are listed above in 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 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 two principal customers during the fiscalyear ended March 31, 2006 – Invacare Corporation and Keith Products, Inc. Revenuefrom funded engineering activities for the fiscal year ended March 31, 2006 rose to $2.5million versus $2.3 million last fiscal year and declined versus the $2.7 million for thefiscal year ended March 31, 2004. Product sales revenue for the fiscal year ended March31, 2006 declined to $1.8 million versus $2.5 million and $2.3 million for the fiscalyears ended March 31, 2005 and 2004, respectively. In June 2005, we completed a privateplacement of our common stock to two institutional investors, which generated net cashproceeds of $3.9 million. We expect to use our available cash balances to fund ourbusiness strategy to invest in selective customer projects that we believe will result involume production and to expand our production engineering and business development groupsin anticipation of the continued emergence of the market for hybrid electric vehicles.Hybrid electric vehicles require electric motors and generators of the type we design andmanufacture, and we intend to aggressively pursue both this emerging market as well asconventional markets where electric motors and generators are currently in use. Althoughwe allocated greater engineering resources to internally funded research and developmentand production engineering activities, our revenue from funded engineering activitiesincreased by approximately 10 percent to $2.5 million this fiscal year versus last fiscalyear due principally to improved productivity and a strong order backlog. Expenditures onproduction engineering activities for the fiscal year rose to $0.8 million, versus $0.2million and zero, in each of the preceding two fiscal years reflecting continuingimplementation of our business strategy. The decrease in product sales revenue for thefiscal year is due to decreased shipments of production wheelchair motors offset byincreased low volume prototype sales. Production of wheelchair motors for newlymanufactured wheelchairs ceased in November; however, we expect to produce field serviceunits for the foreseeable future. 

In November 2005 we announced that we had received an order for 10,000vehicle auxiliary motors from a new customer. Product shipments under this order commencedin March 2006, since the launch of production we have received orders for an additional20,000 units deliverable in fiscal 2007. As a result we expect product shipments to growsubstantially throughout fiscal 2007, which we expect will lead to substantial increasesin product revenue, improved gross profit margin, and lower levels of operating losses.

Loss from continuing operations for the current fiscal year rose to$2.8 million, or $0.11 per common share, versus $1.8 million, or $0.09 per common sharelast fiscal year and $1.4 million, or $0.07 per common share, for the preceding fiscalyear. The increase in losses versus last fiscal year is primarily attributable to ourgrowing investment in production engineering activities research and developmentactivities and higher levels of selling, general and administrative expense. The increasein losses versus the fiscal year ended March 31, 2004, is generally attributable todeclining product revenue, lower gross profit margins and increased investments inproduction engineering activities.

In May 2004, we divested a contract electronics manufacturing business.Operating losses from this business for all periods presented have been reclassified todiscontinued operations and contributed $0.03 million, or nil per common share, $0.05million, or nil per common share, and $3.4 million, or $0.18 per common share, to ourconsolidated net loss for the fiscal years ended March 31, 2006, 2005 and 2004,respectively.

We believe our existing cash and short-term investments, which amountedto approximately $10.1 million at fiscal year end, will be adequate to fund our businessstrategy described above, as well as the launch of new production products over the nextseveral years.
**Financial Condition**
Cash and cash equivalents and short-term investments at March 31, 2006were $10,086,200 and working capital (the excess of current assets over currentliabilities) was $10,415,409 compared with $8,008,826 and $8,788,826, respectively, atMarch 31, 2005. The increase in cash and short-term investments and working capital isprimarily attributable to proceeds from a private placement completed in June 2005, whichresulted in cash proceeds, net of placement costs, of $3,885,858, proceeds from theexercise of employee stock options and underwriter warrants which totaled $644,889 lessreductions attributable to operating losses, higher levels of prepaid and other currentassets, payments on trade accounts payable and debt, and investments in property andequipment, and cash used in discontinued operations.

Accounts receivable decreased $378,100 to $512,409 at March 31, 2006from $890,509 at March 31, 2005. The decrease is primarily attributable to lower productsales and improved collections during the fourth quarter of fiscal 2006. During the fiscalyear ended March 31, 2006 a customer with an outstanding account receivable balance filedfor bankruptcy protection resulting in a charge to bad debt expense of $63,000. Despitethe occurrence of this event, substantially all of our customers are largewell-established companies of high credit quality. Accordingly, we have not established anallowance for bad debts at March 31, 2006 and similarly, no allowance for bad debts wasdeemed necessary at March 31, 2005. 

Costs and estimated earnings on uncompleted contracts increased $14,119to $450,044 at March 31, 2006 versus $435,925 at March 31, 2005. The increase is due toless favorable billing terms on contracts in process at March 31, 2006 versus March 31,2005. Estimated earnings on contracts in process increased to $221,382 or 8.2 percent ofcontracts in process of $2,695,407 at March 31, 2006 compared to estimated earnings oncontracts in process of $190,619 or 5.4 percent of contracts in process of $3,534,389 atMarch 31, 2005. The increase in estimated margins on contracts in process is attributableto lower levels of anticipated cost overruns on engineering projects.

Inventories decreased $180,688 to $467,485 at March 31, 2006principally due to lower levels of raw material, work-in-process and finished goodsinventories which decreased $53,376, $80,084 and $47,228, respectively. The decrease inraw materials is due to the cessation of production of new wheelchair propulsion motors inNovember 2005. The decrease in work-in-process inventories is attributable to lowerproduction levels of wheelchair propulsion motors and lower production levels of lowvolume motors and controllers. The decrease in finished goods inventories is attributableto reduced production levels for low volume motors and controllers at the end of thecurrent fiscal year versus the prior fiscal year end.

Prepaid expenses and other current assets increased to $118,439 atMarch 31, 2006 from $109,198 at March 31, 2005 primarily due to higher levels of prepaidsoftware costs at the end of the current fiscal year versus the prior fiscal year end.

We invested $420,990 for the acquisition of property and equipmentduring the fiscal year compared to $194,069 last fiscal year. The increase in capitalexpenditures is primarily due to purchases of warehousing and manufacturing equipmentassociated with the reconfiguration of our manufacturing floor space and the launch of anew product in March 2006.

Accounts payable decreased $143,579 to $534,428 at March 31, 2006 from$678,007 at March 31, 2005, primarily due to a contraction in payment terms for certainvendors, and the cessation of production of new wheelchair motors.

Other current liabilities increased $39,351 to $309,097 at March 31,2006 from $269,746 at March 31, 2005*.*The increase is primarily attributable tohigher levels of accrued professional fees, accrued payroll, employee benefits, andproperty taxes.

Current portion of long-term debt decreased $43,242 to $92,013 at March31, 2006 from $135,255 at March 31, 2005 reflecting scheduled principal repayments and aprincipal prepayment on the mortgage debt for our Frederick, Colorado facility.

Liabilities and commitments of discontinued operations were $62,004 atMarch 31, 2006 compared to $154,287 at March 31, 2005. Similarly, long-term liabilitiesand commitments of discontinued operations was zero at March 31, 2006 compared to $57,051at March 31, 2005. The decrease is attributable to a revision in our estimate of potentialfuture obligations under our master lease on the facility previously occupied by ourdiscontinued contract electronics business. See also Results of Discontinued Operationsbelow and note 12 to the consolidated financial statements.

Billings in excess of costs and estimated earnings on uncompletedcontracts increased $155,116 to $221,626 at March 31, 2006 from $66,510 at March 31, 2005reflecting increased levels of billings on engineering contracts in process at the end ofthe fiscal year ended March 31, 2006 in advance of the performance of the associated workversus the prior fiscal year.

Long-term debt, less current portion decreased $189,230 to $621,685 atMarch 31, 2006 from $810,915 at March 31, 2005 reflecting scheduled principal repaymentsand a principal prepayment on the mortgage debt for our Frederick, Colorado facility.

Long-term deferred compensation under executive employment agreementsincreased to $210,861 from zero at March 31, 2006 reflecting our estimate of the potentialliability for future severance payments under these contracts as of March 31, 2006.

Common stock and additional paid-in capital increased to $247,760 and$69,293,461, respectively, at March 31, 2006 compared to $231,771 and $64,767,975 at March31, 2005. The increases were primarily attributable to completion of a private placementof common stock to two institutional investors and the exercise of common stock optionsand warrants. Net cash proceeds to the Company from these activities totaled $4,530,747.
**Results of Continuing Operations**
Continuing operations for the fiscal year ended March 31, 2006,resulted in a loss of $2,757,386, or $0.11 per common share, compared to a loss fromcontinuing operations of $1,814,695, or $0.09 per common share, and $1,422,315, or $0.07per common share, for the fiscal years ended March 31, 2005 and 2004, respectively. Theincrease in the current year loss from continuing operations is primarily attributable tohigher expenditures for production engineering activities, and selling, general andadministrative expenses, and the inclusion in the fiscal year ended March 31, 2004 of gainon sale of our Taiwan Joint Venture of $60,975, or nil per common share, offset by higherinterest income in the current year.

Revenue from contract services increased $220,671, or 9.7 percent, to$2,502,098 for the fiscal year ended March 31, 2006 compared to $2,281,427 for the fiscalyear ended March 31, 2005. The increase is primarily attributable to higher staffutilization on revenue generating programs versus the fiscal year ended March 31, 2005.Revenue from contract services decreased $466,406, or 17.0 percent, for the year endedMarch 31, 2005 compared to revenue for the year ended March 31, 2004. The decrease wasattributable to lower staff utilization on revenue generating programs due to costoverruns on certain engineering projects and the application of certain engineeringpersonnel that would typically be billed to revenue generating customer programs tointernally funded production engineering activities.

Product sales this fiscal year decreased 26.6 percent to $1,820,468compared to $2,481,864 for the year ended March 31, 2005. Product sales revenue for thefiscal year ended March 31, 2005 increased 8.2 percent to $2,481,864 from $2,293,071 forthe year ended March 31, 2004. Power products segment revenue for the year ended March 31,2006 decreased $811,511, or 48.5 percent, to $862,666 compared to $1,674,177 for fiscalyear ended March 31, 2005 due to decreased shipments of wheelchair propulsion motors.Power products segment revenue for the year ended March 31, 2005 decreased $26,788, or 1.6percent, to $1,674,177 compared to $1,700,965 for fiscal year ended March 31, 2004 due todecreased shipments of wheelchair propulsion motors. Technology segment product revenuefor the fiscal year ended March 31, 2006 increased $150,115, or 18.6 percent, to $957,802compared to $807,687 for fiscal year ended March 31, 2005 due to increased shipments oflow volume prototype controllers. Technology segment product revenue for the fiscal yearended March 31, 2005 increased $215,581, or 36.4 percent, to $807,687 compared to $592,106for fiscal year ended March 31, 2004 due to increased shipments of propulsion systems forhybrid electric bus programs and the hybrid electric unmanned ground combat vehicleprogram.

Gross profit margins for the fiscal year decreased to 4.2 percentcompared to 5.7 and 17.2 percent for the fiscal years ended March 31, 2005 and 2004,respectively, primarily due to a decrease in gross profit margins on product sales for thecurrent year, and a decrease in gross profit margins on contract services for the fiscalyear ended March 31, 2005. Gross profit on contract services was 1.2 percent this fiscalyear compared to a negative 9.4 and 19.4 percent for the fiscal years ended March 31, 2005and 2004, respectively. The increase in contract services margins for the current fiscalyear versus the fiscal year ended March 31, 2005 is attributable to fewer cost overruns onengineering contracts this year versus the prior fiscal year. The decrease in contractservices margins for the fiscal year ended March 31, 2005 versus the fiscal year endedMarch 31, 2004 is attributable to decreased overhead absorption and cost overruns oncertain engineering contracts in fiscal 2005 versus the prior fiscal year. Gross profitmargin on product sales this fiscal year was 8.2 percent compared to 19.6 percent and 14.5percent in the fiscal years ended March 31, 2005 and 2004, respectively. The decrease inmargins on product sales for this fiscal year versus the prior fiscal year resulted fromdecreased overhead absorption associated with lower revenue levels in our power productssegment. The increase in margins on product sales for the fiscal year ended March 31, 2005versus the fiscal year ended March 31, 2004 is attributable to a more favorable productmix.

Research and development expenditures for the fiscal year ended March31, 2006 increased to $241,563 compared to $171,918 and $461,223 for the fiscal yearsended March 31, 2005 and 2004, respectively. The increase in research and developmentexpenditures for the fiscal year ended March 31, 2006 compared to the prior fiscal yearwas primarily due to higher levels of work applied to cost-share type contracts andinternally funded programs. The decrease in research and development expenditures for thefiscal year ended March 31, 2005 compared to the prior fiscal year was primarily due tothe completion of an internally funded development of a new microprocessor platform forour power electronic controls.

Production engineering costs were $783,579 for the fiscal year endedMarch 31, 2006 versus $211,933 and zero for the prior two fiscal years. The increase isattributable to our strategy to increase our manufacturing capability and infrastructure,and consists primarily of salary and overhead costs for newly hired manufacturingmanagement, engineering and staff personnel.

Selling, general and administrative expense this fiscal year was$2,191,289 compared to $1,686,409 and $1,799,472 for the fiscal years ended March 31, 2005and 2004, respectively. The increase for this fiscal year versus last fiscal year isprimarily attributable to deferred compensation expense associated with executiveemployment agreements, higher levels of audit expenses associated with implementation ofthe Sarbanes-Oxley Act, selling expenses, and the write-down of a receivable from acustomer who filed for bankruptcy protection. The decrease in general and administrativeexpenses for the fiscal year ended March 31, 2005 versus the fiscal year ended March 31,2004 is primarily attributable to lower insurance premium costs.

Impairment of long-lived assets for the fiscal year ended March 31,2006 of $2,963 is primarily attributable to the impairment and disposal of obsoleteequipment and abandoned patent applications. The impairment of long-lived assets for thefiscal years ended March 31, 2005 and March 31, 2004 were $39,748 and $30,523,respectively, and are attributable to the write-down of costs associated with abandonedpatent applications.

Interest income rose to $344,751 for the current fiscal year comparedto $97,188 and $26,362 for the fiscal years ended March 31, 2005 and 2004, respectively.The increase is attributable to higher levels of invested cash and higher yields oninvested balances during the fiscal year versus the two prior fiscal years.

Interest expense decreased to $63,003 for the year ended March 31, 2006compared to $74,005 and $84,193 for the fiscal years ended March 31, 2005 and 2004,respectively. The decrease is due to lower average mortgage borrowings outstandingthroughout the fiscal year as compared to the prior fiscal 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 electronic productssegment. In May 2004, we completed the divestiture of equipment and inventory of thisbusiness for $0.9 million in cash and a 15 percent ownership interest in the purchaser. Wedid not record any value for the common stock of the purchaser received in thistransaction 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. Due tosubstantial doubt regarding the purchaser’s financial capability to meet itsobligation under the sublease, we recorded a liability, at that time, of $204,985, whichrepresented our best estimate of the present value of future cash outflows that may ariseif the purchaser defaulted on the sublease prior to the completion of its term. During thequarter ended September 30, 2005, we wrote-off uncollectible past due rent receivablesfrom the sublessee in the amount of $95,880 and reduced the fair value estimate of ourpotential liability under the master lease at that time by $67,122 to reflect ourexpectations regarding our ability to identify a new tenant and complete a new sublease onthe facility. In December 2005, the purchaser sold the assets of its business to anotherbusiness at a price which rendered our equity investment worthless. Coincident with thistransaction we received a promissory note in the amount of $98,420 from the originalpurchaser together with an assignment of future commission income to be earned under acommission agreement between the buyer and the original purchaser. Income assignments areto cease when the promissory note is paid in full. Due to substantial doubt regarding ourability to receive payments under the assignment agreement and promissory note, we havefully reserved the value of the promissory note on our books reducing its recorded valueto zero. The acquiring business entered into a sublease agreement on the facility with usfor the remaining term of our master lease. At this time we believe our currently recordedliabilities for discontinued operations are adequate to cover potential future obligationsthat may arise.

The operating results of this business for the year ended March 31,2006, 2005 and 2004, respectively, have been reported separately as discontinuedoperations. Loss from discontinued operations includes interest expense on debt used toacquire manufacturing machinery and equipment but does not include allocations of generalcorporate overheads, which have been allocated to other business segments. Operatingresults of all prior periods presented have been adjusted to reflect the contractelectronics manufacturing as discontinued operations. 

Loss from discontinued operations for the fiscal year ended March 31,2006 was $27,584, or nil per common share compared to a loss from discontinued operationsof $54,201, or nil per common share, and $3,364,638, or $0.18 per common share, for thefiscal years ended March 31, 2005 and 2004, respectively. The current year loss representslegal fees incurred for litigation, and rent expense net of sublease payments on ourMissouri manufacturing facility. See also Note 12 to the consolidated financialstatements.
**Liquidity and Capital Resources**
Our cash balances and liquidity throughout the fiscal year ended March31, 2006 were adequate to meet operating needs. At March 31, 2006, we had working capital(the excess of current assets over current liabilities) of $10,415,409 compared to$8,788,826 at March 31, 2005. The increase of $1,626,583 in working capital is primarilyattributable to cash proceeds from a private placement and the exercise of employee stockoptions and underwriter warrants totaling $4,530,747, lower levels of accounts receivableand inventories, offset by operating losses and lower levels of accounts payable.

For the year ended March 31, 2006, net cash used in operatingactivities of continuing operations was $1,597,381 compared to net cash used in operatingactivities of continuing operations of $2,069,550 and $1,292,785 for the years ended March31, 2005 and 2004, respectively. The decrease in cash used for the year ended March 31,2006 is primarily attributable to lower levels of accounts receivables and inventoriesoffset by higher operating losses, and lower levels of accounts payable. The increase incash used in operating activities for the year ended March 31, 2005 versus cash used inoperating activities for year ended March 31, 2004 was primarily due to higher levels ofoperating losses, accounts receivable and inventories.

Net cash used in investing activities of continuing operations for thefiscal year ended March 31, 2006 was $4,246,130 compared to $2,407,507 for the previousfiscal year. The change this fiscal year versus last fiscal year was primarily due to cashused for the purchase of short-term investment securities of $3,788,800, and investmentsin property and equipment of $420,990. The increase in cash used in investing activitiesfor the year ended March 31, 2005 versus cash provided by investing activities for theyear ended March 31, 2004 was primarily due to cash used for the purchase of short-terminvestment securities of $2,173,475. 

Net cash provided by financing activities of continuing operations was$4,309,003 for the fiscal year ended March 31, 2006 versus $6,668,343 for the precedingfiscal year. The decrease is attributable to reduced cash proceeds from the sale of commonstock this year versus last year. Net cash provided by financing activities for fiscal2005 increased to $6,668,343 versus the fiscal 2004 level of $2,032,800 due to increasedcash proceeds from the sale of common stock, partially offset by reduced proceeds frombank borrowings.

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. We havebegun, and expect to continue, to make substantial investments from our available cashresources 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, 2006:
**                                      Payments    due by    Period                                   **              
       Total  ** Less Than

    1 Year  ** 

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

  5 Years   
Long-term debt obligations
$     713,698 
92,013   
204,762  
416,923 
-         
Operating lease obligations    (2)
     264,144 
264,144   
-        
-       
-         
Purchase obligations
     463,524 
    463,524   
-        
-       
-         Executive employment agreements (1)
  2,696,050 
   498,400   
1,083,267  
589,733 
524,650   
Total
$  4,137,416 
1,318,081   
1,288,029  
1,006,656 
524,650   
(1) Includes future salary payments, potential retirement pay, andseverance pay obligations of which $210,861 has been recorded as      long-term deferred compensation under executiveemployment agreements.

(2) Does not include sublease payments of $187,500 over the remainingterm of a facility lease.

 
**Critical Accounting Policies**
The preparation of financial statements and related disclosures inconformity with accounting principles generally accepted in the United States of Americarequires management to make judgments, assumptions and estimates that effect the dollarvalues reported in the consolidated financial statements and accompanying notes. Note 1 tothe consolidated financial statements describes the significant accounting policies andmethods used in preparation of the consolidated financial statements. Estimates are usedfor, but not limited to, allowance for doubtful accounts receivables, costs to completecontracts, recoverability of inventories, and potential future lease obligations arisingfrom discontinued operations. Actual results could differ materially from these estimates.The following critical accounting policies are impacted significantly by judgments,assumptions and estimates used in preparation of the consolidated financial statements.
***Accounts Receivable***
Our trade accounts receivable are subject to credit risks associatedwith the financial condition of our customers and their liquidity. We evaluate allcustomers periodically to assess their financial condition and liquidity and setappropriate credit limits based on this analysis. As a result, the collectibility ofaccounts receivable may change due to changing general economic conditions and factorsassociated with each customer’s particular business. During fiscal 2006 a large, wellestablished customer filed for bankruptcy protection. As a result we charged-off $63,000owed to us by the customer as a bad debt expense. Because substantially all of ourcustomers are large well-established companies with excellent credit worthiness and ourview that the bad debt expense associated with our customer’s bankruptcy filing is anisolated, customer specific event, we have not established a reserve at March 31, 2006 forpotentially uncollectible trade accounts receivable. It is reasonably possible, thatfuture events or changes in circumstances could cause the realizable value of our tradeaccounts receivable to decline materially, resulting in material losses.
***Asset Recovery and Realization – Discontinued Operations***
In May 2004, we completed the divestiture of equipment and inventory ofour electronics product segment for $0.9 million in cash and a 15 percent ownershipinterest in the purchaser. We did not record any value for the common stock of thepurchaser received in this transaction due to uncertainty regarding our ability to realizeeconomic value on the resale of our ownership interest. In addition, the purchaserexecuted a sublease on our St. Charles, Missouri manufacturing facility for the remainingterm of our lease. Due to substantial doubt regarding the purchaser’s financialcapability to meet its obligation under the sublease, we recorded a liability, at thattime of $204,985, which represented our best estimate of the present value of future cashoutflows that may arise if the purchaser defaulted on the sublease prior to the completionof its term. During the quarter ended September 30, 2005, we wrote-off uncollectible pastdue rent receivables from the sublessee in the amount of $95,880 and reduced the fairvalue estimate of our potential liability under the master lease, at that time, by $67,122to reflect our expectations regarding our ability to identify a new tenant and complete anew sublease on the facility. In December 2005, the purchaser sold the assets of itsbusiness to another business at a price which rendered our equity investment worthless.Coincident with this transaction we received a promissory note in the amount of $98,420from the original purchaser together with an assignment of future commission income to beearned under a commission agreement between the buyer and the original purchaser. Incomeassignments are to cease when the promissory note is paid in full. Due to substantialdoubt regarding our ability to receive payments under the assignment agreement andpromissory note, we have fully reserved the value of the promissory note on our booksreducing its recorded value to zero. The acquiring business entered into a subleaseagreement on the facility with us for the remaining term of our master lease. At this timewe believe our currently recorded liabilities for discontinued operations are adequate tocover potential future obligations that may arise.

Our assessments of the realizable value and collectability of theforegoing financial instruments together with our estimate of future sublease paymentscould change materially based on future developments and events. Any change in theseestimates could result in a material change in our financial condition and results ofoperations. 
***Inventories***
We maintain raw material inventories of electronic components, motorparts and other materials to meet our expected manufacturing needs for proprietaryproducts and for products manufactured to the design specifications of our customers. Someof these components may become obsolete or impaired due to bulk purchases in excess ofcustomer requirements. Accordingly, we periodically assesses our raw material inventoryfor potential impairment of value based on then available information, expectations andestimates and establish impairment reserves for estimated declines in the realizable valueof our inventories. The actual realizable value of our inventories may differ materiallyfrom these estimates based on future occurrences. It is reasonably possible that futureevents or changes in circumstances could cause the realizable value of our inventories todecline materially, resulting in additional material impairment losses.
***Percentage of Completion Revenue Recognition on Long-term Contracts:Costs and Estimated Earnings in Excess of Billings on**Uncompleted Contracts**
We recognize revenue on the development projects funded by ourcustomers using the percentage-of-completion method. Under this method, contract servicesrevenue is based on the percentage that costs incurred to date bear to management’sbest estimate of the total costs to be incurred to complete the project. Many of thesecontracts involve the application of our technology to customers’ products and otherapplications with demanding specifications. Management’s best estimates havesometimes been adversely impacted by unexpected technical challenges requiring additionalanalysis and redesign, failure of electronic components to operate in accordance withmanufacturers published performance specifications, unexpected prototype failuresrequiring the purchase of additional parts and a variety of other factors that may causeunforeseen delays and additional costs. It is reasonably possible that total costs to beincurred on any of the projects in process at March 31, 2006 could be materially differentfrom management’s estimates, and any modification of management’s estimate oftotal project costs to be incurred could result in material changes in the profitabilityof affected projects or result in material losses on any affected projects.
**New Accounting Pronouncements**
In November 2004, the FASB issued Statement of Financial AccountingStandards No. 151, *"Inventory Costs-an amendment of ARB No. 43, Chapter 4"("SFAS 151")*, which is the result of its efforts to converge U.S. accountingstandards for inventories with international accounting standards. SFAS 151 requires idlefacility expenses, freight, handling costs, and wasted material (spoilage) costs to berecognized as current-period charges. It also requires that the allocation of fixedproduction overheads to the costs of conversion be based on the normal capacity of theproduction facilities. SFAS No. 151 will be effective for inventory costs incurred duringfiscal years beginning after June 15, 2005. We do not expect SFAS 151 to have a materialeffect on our consolidated financial statements when implemented.

In December 2004, the FASB issued Statement of Financial AccountingStandards No. 153,*"Exchanges of Non-monetary Assets- An Amendment of APB OpinionNo. 29, Accounting for Non-monetary Transactions" ("SFAS 153")*, whichreplaces the exception permitting non-monetary exchanges of similar productive assets frommeasurement based on the fair value of the assets exchanged with a general exception forexchanges of non-monetary assets that do not have commercial substance. SFAS 153 will beeffective for non-monetary asset exchanges occurring during fiscal years beginning afterJune 15, 2005. We do not expect SFAS 153 to have a material effect on our consolidatedfinancial statements when implemented. 

In December 2004, the FASB issued Statement of Financial AccountingStandards No. 123 (revised 2004), *Share-Based Payment ("SFAS 123R")*. SFAS123R eliminates the alternative to account for employee stock options using the intrinsicvalue method prescribed by APB 25 and requires the fair value of all share-based paymentsto employees, including the fair value of employee stock options, to be recognized in theincome statement over the period the services are deemed to be performed, which isgenerally the vesting period.

In March 2005, the Securities and Exchange Commission ("SEC")issued Staff Accounting Bulletin No. 107 ("SAB 107"), which provides additionalimplementation guidance for SFAS 123R. Among other things, SAB 107 provides guidance onshare-based payment valuation, income statement classification and presentation,capitalization of costs and related income tax accounting.

In April 2005, the SEC announced the adoption of a new rule thatamended the compliance date for SFAS 123R from the next reporting period after June 15,2005 to the beginning of the first fiscal year beginning after June 15, 2005. SFAS 123Rprovides for adoption using either a modified prospective or modified retrospectivetransition method. We expect to adopt SFAS 123R using the modified prospective transitionmethod. Under this transition method, the fair value of all employee stock option awardsgranted prior to April 1, 2006 and not vested prior to that date, as well as any stockoptions granted on or after that date, will be recognized as compensation cost in ourstatement of operations using the straight-line method over the requisite service periodto the extent such options are expected to vest. Prior to adopting SFAS 123R, forfeitureswere accounted for on the date of forfeiture. Estimated compensation cost arising fromstock options granted prior to April 1, 2006, but not vested prior to that date under themodified prospective method that will be recognized in fiscal years beginning April 1,2006 and later, is $1,179,017. We will continue to use the Black-Scholes-Merton optionpricing model to estimate the fair value of stock option awards.

 
**ITEM    7A.**QUANTITATIVE AND    QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the potential loss arising from adverse changes inmarket rates and prices, such as foreign currency exchange and interest rates. We do notuse financial instruments to any degree to manage these risks and do not hold or issuefinancial instruments for trading purposes. All of our product sales, and relatedreceivables are payable in U.S. dollars. We are not subject to interest rate risk on ourdebt obligations. 

 
**ITEM 8.****FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA****Report of Independent

Registered Public Accounting    Firm 
Board of Directors and    Shareholders 

of UQM Technologies, Inc. and subsidiaries 

 

We have audited the accompanying consolidated balance sheets of UQM    Technologies, Inc. and subsidiaries as of March 31, 2006 and 2005, and the related    consolidated statements of operations, stockholders’ equity and comprehensive loss,    and cash flows for the years then ended. 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, 2006 and 2005, and the results of their operations and    their cash flows for the years then ended in conformity with accounting principles    generally accepted in the United States of America. 

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,    2006, 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 June 7 2006, expressed an unqualified opinion on management’s    assessment of the effectiveness of internal control over financial reporting and an    unqualified opinion on the effectiveness of internal control over financial reporting.

 

/s/ GRANT THORNTON LLP

 

Denver, Colorado

June 7, 2006

 ** ****Report of Independent

Registered Public Accounting FirmTo the Board of Directors and Stockholders 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. and its    subsidiaries maintained effective internal control over financial reporting as of    March 31, 2006, 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 opinions. 

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, 2006, is fairly stated, in all material respects, based on criteria established    in Internal Control – Integrated Framework issued by 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, 2006, based on criteria    established in Internal Control – Integrated Framework issued by COSO. 

We also have 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, 2006 and 2005, and the related    consolidated statements of operations, stockholders’ equity and comprehensive loss,    and cash flows for the years then ended, and our report dated June 7, 2006 expressed    an unqualified opinion on those financial statements.

/s/ Grant Thornton LLP

Grant Thornton LLP

Denver, Colorado

June 7, 2006

 
**Report of    Independent

Registered Public Accounting    FirmThe Board of Directors and Stockholders
UQM    Technologies, Inc.: 

We have audited the accompanying consolidated statements of operations,    stockholders’ equity and comprehensive loss, and cash flows of UQM Technologies, Inc.    and subsidiaries (the Company) for the year ending March 31, 2004. These consolidated    financial statements are the responsibility of the Company’s management. Our    responsibility is to express an opinion on these consolidated financial statements 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 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 audit provides a reasonable basis for our opinion. 

In our opinion, the consolidated financial statements referred to above    present fairly, in all material respects, the results of operations and the cash flows of    UQM Technologies, Inc. and subsidiaries’ for the year ended March 31, 2004, in    conformity with U.S. generally accepted accounting principles. 
**/s/ KPMG LLP

Denver, Colorado

May 19, 2004
**Consolidated Balance Sheets**
March 31, 2006 
March 31, 2005 **Assets**Current assets:Cash and cash equivalents
$   4,076,806 
 5,788,232 Short-term investments
6,009,394 
2,220,594 Accounts receivable
512,409 
890,509 Costs and estimated earnings in    excess of billings on uncompleted contracts
450,044 
435,925 Inventories 
467,485 
648,173 Prepaid expenses and other current    assets
     118,439 
  109,198 Total current assets 
 11,634,577 
10,092,631 Property and equipment, at cost:Land 
181,580 
181,580 Building
2,297,467 
2,292,687 Machinery and equipment 
  2,808,324 
  2,422,034 
5,287,371 
4,896,301 Less accumulated depreciation
(2,683,295)
(2,443,590)Net property and equipment
  2,604,076 
  2,452,711 Patent and trademark costs, net of    accumulated amortization of $545,468 and $450,011
552,382 
613,448 Other assets
         5,053 
            850 Total assets
$ 14,796,088 
    13,159,640 
(Continued)
See accompanying notes to consolidated financial statements.
** 

Consolidated Balance Sheets, Continued**
March    31, 2006 
March 31, 2005 **Liabilities and    Stockholders’ Equity**Current liabilities:Accounts payable
$      534,428 
678,007 Other current liabilities
309,097 
269,746 Current portion of long-term debt
92,013 
135,255 Liabilities and commitments of    discontinued operations 
62,004 
154,287 Billings in excess of costs and    estimated earnings on uncompleted contracts
    221,626 
      66,510 Total current liabilities
 1,219,168 
 1,303,805 Long-term debt, less current    portion 
    621,685 
    810, 915 Long-term liabilities and    commitments of discontinued operations 
-       
      57,051 Long-term deferred compensation    under executive employment agreements
    210,861 
           -      
    832,546 
    867,966 Total liabilities
 2,051,714 
 2,171,771 Commitments and contingencies Stockholders’ equity:Common stock, $0.01 par value,    50,000,000 sharesauthorized; 24,776,042    and 23,177,133 shares issued and outstanding
247,760 
231,771 Additional paid-in    capital
69,293,461 
64,767,975 Accumulated deficit
(56,796,847)
(54,011,877)Total    stockholders’ equity
  12,744,374 
  10,987,869 Total liabilities and stockholders’    equity
$ 14,796,088 
13,159,640 
See accompanying notes to consolidated financial statements.
**Consolidated Statements of Operations**
Year Ended   
Year Ended   
Year Ended   
March 31, 2006
March 31, 2005
March 31, 2004Revenue:Contract services
$   2,502,098   
2,281,427  ****************************************************************** |
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