Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.6.0.2
Fair Value Measurements (Tables)
 9 Months Ended
Dec. 31, 2016
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 at December 31, 2016 and are categorized using the fair value hierarchy (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices in

 

Significant Other

 

Significant

 

 

 

 

 

 

Active Markets for

 

Observable

 

Unobservable

 

 

 

 

 

 

Identical Assets

 

Inputs

 

Inputs

 

 

 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Cash equivalents

    

$
9,015

    

$
9,015

    

$

 —

    

$

 —

 

Restricted cash

    

$
5,009

    

$
5,009

    

$

 —

    

$

 —

 

Warrant liability

    

$
(2,463)

    

$

 —

    

$

 —

    

$
(2,463)

 

 

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, 2016 and are categorized using the fair value hierarchy (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at March 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quoted Prices in

 

Significant Other

 

Significant

 

 

 

 

 

 

Active Markets for

 

Observable

 

Unobservable

 

 

 

 

 

 

Identical Assets

 

Inputs

 

Inputs

 

 

    

Total

    

(Level 1)

    

(Level 2)

    

(Level 3)

 

Cash equivalents

    

$
3,002

    

$
3,002

    

$

 —

    

$

 —

 

Restricted cash

    

$
5,002

    

$
5,002

    

$

 —

    

$

 —

 

 

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

 

As of

 

 

 

December 31, 2016

 

March 31, 2016

 

 

 

Carrying

 

Estimated

 

Carrying

 

Estimated

 

 

    

Value

    

Fair Value

    

Value

    

Fair Value

 

Obligations under the credit facility

    

$
8,665

    

$
8,665

    

$
9,459

    

$
9,459

 

 

Schedule of assumptions used to calculate estimated fair value of warrants

 

 

 

 

 

    

Nine Months Ended

 

 

    

December 31, 2016

 

Risk-free interest rates range

 

1.3% to 2.0  %

 

Contractual term (in years)

 

5.3 years to 5.5 years

 

Expected volatility range

 

68.5% to 69.1%

 

 

Schedule of changes to warrant liability

 

 

 

 

 

Warrant liability:

    

 

    

 

Balance as of September 30, 2016

 

$

 —

 

Total realized and unrealized (gains) losses:

 

 

 

 

Income included in change in fair value of warrant liability

 

 
1,777

 

Issuances

 

 
(4,240)

 

Balance as of December 31, 2016

 

$
(2,463)