Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2014

Schedule of assets and liabilities measured at fair value on a recurring basis

The table below presents our assets and liabilities that are measured at fair value on a recurring basis during Fiscal 2014 and are categorized using the fair value hierarchy (in thousands):

	Fair Value Measurements at March 31, 2014

	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	13,737	$	13,737	$	—	$	—

The table below presents our assets and liabilities that are measured at fair value on a recurring basis during Fiscal 2013 and are categorized using the fair value hierarchy (in thousands):

	Fair Value Measurements at March 31, 2013

	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Identical Assets (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	27,742		$	27,742	$	—	$	—
Warrant liability	$	(10	)	$	—	$	—	$	(10	)

Schedule of carrying values and estimated fair values of obligations under the revolving credit facility

The carrying values and estimated fair values of these obligations are as follows (in thousands):

	As of March 31, 2014				As of March 31, 2013

	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Obligations under the credit facility	$	13,228	$	13,228	$	13,476	$	13,476

Schedule of assumptions used to calculate estimated fair value of warrants

		Fiscal Year Ended March 31, 2013

Risk-free interest rates range		0.1% to 0.2%
Contractual term (in years)		0.5 years to 1.2 years
Expected volatility range		37.2% to 65.8%

Schedule of reconciliation of warrant liability measured at fair value using significant inputs (level 3)

The table below provides a reconciliation of the beginning and ending balances for the warrant liability which is measured at fair value using significant unobservable inputs (Level 3) (in thousands):


Warrant liability:
Balance as of March 31, 2011	$	20,772
Total realized and unrealized (gains) losses:
Income included in change in fair value of warrant liability		(13,872	)
Purchases, issuances and settlements		(6,109	)


Balance as of March 31, 2012	$	791
Total realized and unrealized (gains) losses:
Income included in change in fair value of warrant liability		(781	)


Balance at March 31, 2013	$	10
Total realized and unrealized (gains) losses:
Income included in change in fair value of warrant liability		(10	)


Balance at March 31, 2014	$	—

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References + Details