Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2015

Schedule of Assets and Liabilities Carried at Fair Value

The following table provides the assets and liabilities carried at fair value, measured as of March 31, 2015 and 2014 (in thousands):

	Total		Quoted Prices in		Significant Other		Significant
	Carrying		Active Markets		Observable Inputs		Unobservable Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
March 31, 2015:
Assets:
Cash equivalents	$	12,519	$	12,519	$	-	$	-
Derivative liabilities:
Warrants	$	2,999	$	-	$	-	$	2,999

	Total		Quoted Prices in		Significant Other		Significant
	Carrying		Active Markets		Observable Inputs		Unobservable Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
March 31, 2014:
Assets:
Cash equivalents	$	17,675	$	17,675	$	-	$	-
Derivative liabilities:
Warrants	$	2,601	$	-	$	-	$	2,601

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):


				Warrants
April 1, 2014				$	2,601
Warrant issuance with equity offering					4,255
Warrant issuance with senior secured term loan					106
Mark to market adjustment					(3,963	)
Balance at March 31, 2015				$	2,999

	Derivative
	Liability			Warrants
April 1, 2013	$	529		$	3,633
Warrant issuance with senior secured term loan		-			315
Mark to market adjustment		(525	)		(1,347	)
Extinguishment of derivative liability		(4	)		-
Balance at March 31, 2014	$	-		$	2,601

Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following table provides the assets and liabilities measured at fair value on a non-recurring basis, as of March 31, 2014 (in thousands). During the year ended March 31, 2015 the following asset was determined to be no longer recoverable and was fully impaired. See note 15, “Minority Investments” for further details:

	Total		Quoted Prices in	Significant Other	Significant
	Carrying		Active Markets	Observable Inputs	Unobservable Inputs
	Value		(Level 1)	(Level 2)	(Level 3)
March 31, 2014:
Assets:
Investment in unconsolidated entity – Blade Dynamics	$	3,690	$	$	$	3,690

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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