Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
6 Months Ended
Sep. 30, 2012
Fair Value Measurements  
Schedule of assets and liabilities measured at fair value on a recurring basis

The table below presents assets and liabilities that are measured at fair value on a recurring basis at September 30, 2012 and are categorized using the fair value hierarchy (in thousands):

 

 

 

Fair Value Measurements at September 30, 2012

 

 

 

Total

 

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

 

Significant Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash Equivalents

 

$

28,736

 

$

28,736

 

$

 

$

 

Warrant Liability

 

$

(340

)

$

 

$

 

$

(340

)

 

 

The table below presents our assets and liabilities that are measured at fair value on a recurring basis during the fiscal year ended March 31, 2012 and are categorized using the fair value hierarchy (in thousands):

 

 

 

Fair Value Measurements at March 31, 2012

 

 

 

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

 

$

39,790

 

$

39,790

 

$

 

$

 

Warrant Liability

 

$

(791

)

$

 

$

 

$

(791

)

 

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

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

 

 

 

As of
September 30, 2012

 

As of
March 31, 2012

 

 

 

Carrying
Value

 

Estimated
Fair Value

 

Carrying
Value

 

Estimated
Fair Value

 

Obligations under the credit facility

 

$

11,940

 

$

11,940

 

$

10,431

 

$

10,431

 

 

Schedule of assumptions used to calculate estimated fair value of warrants

 

 

 

 

Three Months Ended
September 30,

 

Six Months Ended
September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Risk-free interest rates range

 

0.2%

 

0.0% to 0.9%

 

0.2%

 

0.0% to 1.5%

 

Remaining contractual term (in years)

 

1.0 years

 

0.3  to 4.6

 

1.0  to 1.2

 

0.3  to 4.9

 

Expected volatility range

 

54.3%

 

60.5% to 84.9%

 

54.3% to 65.8%

 

60.5% to 84.9%

 

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 at March 31, 2012

 

$

791

 

Total realized and unrealized (gains) losses:

 

 

 

Income included in change in fair value of warrant liability

 

(451

)

Purchases, issuances and settlement

 

 

Balance at September 30, 2012

 

$

340