Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2015

Financial assets and liabilities measured at fair value recurring basis

The following table sets forth by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2015 and 2014, according to the valuation techniques the Company used to determine their fair values.

	March 31, 2015								March 31, 2014
			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	$	699,000	$	699,000		-		-	$	521,000	$	521,000		-		-

Liabilities
Other current liabilities
Deferred compensation		699,000		699,000		-		-		521,000		521,000		-		-
Forward foreign currency exchange contracts		1,193,000		-	$	1,193,000		-		159,000		-	$	159,000		-
Other liabilities
Warrant liability		10,506,000		-		-	$	10,506,000		10,047,000		-		-	$	10,047,000

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:

	March 31, 2015

Risk free interest rate		0.76	%
Expected life in years		2.50
Expected volatility		47.00	%
Dividend yield		-
Probability of future financing		0	%

Change in warrant liability measured at fair value recurring basis using significant unobservable inputs (level 3)

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:

	Years Ended March 31,
	2015		2014

Beginning balance	$	10,047,000	$	2,014,000
Newly issued		-		-
Total (gain) loss included in net income (loss)		459,000		10,443,000
Exercises/settlements (1)		-		(2,410,000	)
Net transfers in (out) of Level 3		-		-
Ending balance	$	10,506,000	$	10,047,000

- 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.

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