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Fair Value Measurements (Tables)
 6 Months Ended
Sep. 30, 2013
Schedule of Assets and Liabilities Carried at Fair Value

The following table provides the assets carried at fair value, measured as of September 30, 2013 and March 31, 2013 (in thousands):

 

 

Total
Carrying
Value

 

  

Quoted Prices in
Active Markets
(Level 1)

 

  

Significant Other
Observable Inputs
(Level 2)

 

  

Significant
Unobservable Inputs
(Level 3)

 

September 30, 2013:

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Assets:

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Cash equivalents             

$

  15,666

  

  

$

  15,666

  

  

$

—

 

  

$

—

 

Liabilities:

 

 

  

  

 

 

  

  

 

 

 

  

 

 

  

Derivative liability             

$

  181

 

 

$

—

 

 

$

—

 

 

$

  181

 

Warrants             

$

  2,626

  

  

$

—

 

  

$

—

  

  

$

  2,626

  

 

 

Total

Carrying
Value

 

  

Quoted Prices in
Active Markets
(Level 1)

 

  

Using Significant Other
Observable Inputs
(Level 2)

 

  

Using Significant
Unobservable Inputs
(Level 3)

 

March 31, 2013:

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Assets:

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Cash equivalents             

$

  18,649

  

  

$

  18,649

  

  

$

—

 

  

$

—

 

Liabilities:

 

 

  

  

 

 

  

  

 

 

 

  

 

 

  

Derivative liability             

$

  529

 

 

$

—

 

 

$

—

 

 

$

  529

 

Warrants             

$

  3,633

  

  

$

—

 

  

$

—

  

  

$

  3,633

 

 
Schedule of Liabilities Measured at Fair Value

The table below reflects the activity for the Company’s major classes of liabilities measured at fair value (in thousands).

 

 

Derivative Liability

 

 

Warrants

 

April 1, 2013             

$

  529

  

 

$

  3,633

  

Mark to market adjustment             

 

(348

) 

 

 

(1,007

) 

Balance at September 30, 2013             

$

  181

  

 

$

  2,626

  

 

 

Derivative Liability

 

 

Warrants

 

April 1, 2012             

$

—

  

 

$

—

  

Valuation of derivative liability             

 

  3,779

  

 

 

—

  

Warrant issuance with Senior Convertible Notes             

 

—

  

 

 

  7,018

  

Warrant issuance with Senior Secured Term Loan             

 

—

  

 

 

  380

  

Mark to market adjustment             

 

(1,016

)

 

 

  119

 

Balance at September 30, 2012             

 

  2,763

 

 

 

  7,517

 

Valuation of derivative liability attributable to modification             

 

  542

  

 

 

—

  

Mark to market adjustment             

 

(2,776

) 

 

 

(3,884

) 

Balance at March 31, 2013             

$

  529

  

 

$

  3,633