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Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2013

Fair Value Measurements [Abstract]

Financial assets and liabilities measured at fair value recurring basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value, by level within the fair value hierarchy as of December 31, 2013 and March 31, 2013:

		December 31, 2013																March 31, 2013
						Fair Value Measurements Using Inputs Considered as																Fair Value Measurements Using Inputs Considered as
		Fair Value				Level 1				Level 2				Level 3				Fair Value				Level 1				Level 2				Level 3
Assets
Short-term investments
Mutual funds		$	496,000			$	496,000				-				-			$	411,000			$	411,000				-				-
Prepaid expenses and other current assets
Forward foreign currency exchange contracts			-				-				-				-				683,000				-			$	683,000				-
Liabilities
Other current liabilities
Deferred compensation			496,000				496,000				-				-				411,000				411,000				-				-
Forward foreign currency exchange contracts			76,000				-			$	76,000				-				-				-				-				-
Other liabilities
Warrant liability			6,485,000				-				-			$	6,485,000				2,014,000				-				-			$	2,014,000

Assumptions used to determine fair value of warrant liability

The assumptions used to determine the fair value of the Supplier Warrant recorded as warrant liability were:

		December 31, 2013
		Supplier Warrant
Risk free interest rate			1.12	%
Expected life in years			3.75
Expected volatility			45.29	%
Dividend yield			-
Probability of future financing			0	%

Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (level

A summary of the change to the Company’s warrant liability, as measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is presented below:

		Three Months Ended December 31,								Nine Months Ended December 31,
		2013				2012				2013				2012
Beginning balance		$	5,975,000			$	1,568,000			$	2,014,000			$	-
Newly issued			-				-				-				1,625,000
Total loss included in net income (loss)			2,920,000				882,000				6,881,000				825,000
Exercises/settlements (1)			(2,410,000	)			-				(2,410,000	)			-
Net transfers in (out) of Level 3			-				-				-				-
Ending balance		$	6,485,000			$	2,450,000			$	6,485,000			$	2,450,000

(1) Represents the fair value of the Cerberus Warrant as of the settlement date (see Note 7).

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- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

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