Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2013
Fair Value Measurements  
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 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)		   Significant Other
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		  

Cash equivalents

   $ 27,742   $ 27,742   $ —   $ —  

Warrant liability

   $ (10 ) $ —   $ —   $ (10 )

        

        The table below presents our assets and liabilities that are measured at fair value on a recurring basis during Fiscal 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
March 31, 2013		   As of
March 31, 2012		  
 
   Carrying
Value		   Estimated
Fair Value		   Carrying
Value		   Estimated
Fair Value		  

Obligations under the credit facility

   $ 13,476   $ 13,476   $ 10,431   $ 10,431  
Schedule of assumptions used to calculate estimated fair value of warrants

 

 

 
   Fiscal Year Ended
March 31, 2013		   Fiscal Year Ended
March 31, 2012

Risk-free interest rates range

   0.1% to 0.2%   0.0% to 1.5%

Contractual term (in years)

   0.5 years to 1.2 years   0.1 years to 4.9 years

Expected volatility range

   37.2% 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 as of March 31, 2010

   $ 26,803  

Total realized and unrealized (gains) losses:

        

Expense included in change in fair value of warrant liability

     3,667  

Purchases, issuances and settlements

     (9,698 )
       

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 at 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