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Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2019

Fair Value Measurements [Abstract]

Financial Assets and Liabilities Measured at Fair Value Recurring Basis

The following summarizes financial assets and liabilities measured at fair value, by level within the fair value hierarchy:

		September 30, 2019																March 31, 2019
		Fair Value				Fair Value Measurements Using Inputs Considered as												Fair Value				Fair Value Measurements Using Inputs Considered as
						Level 1				Level 2				Level 3								Level 1				Level 2				Level 3
Assets
Short-term investments
Mutual funds		$	2,192,000			$	2,192,000				-				-			$	3,273,000			$	3,273,000				-				-
Prepaid expenses and other current assets
Forward foreign currency exchange contracts			-				-				-				-				207,000				-			$	207,000				-
Liabilities
Accrued liabilities
Short-term contingent consideration			2,721,000				-				-			$	2,721,000				2,816,000				-				-			$	2,816,000
Other current liabilities
Deferred compensation			2,192,000				2,192,000				-				-				3,273,000				3,273,000				-				-
Forward foreign currency exchange contracts			421,000				-			$	421,000				-				-				-				-				-
Other liabilities
Long-term contingent consideration			2,130,000				-				-				2,130,000				1,905,000				-				-				1,905,000

Assumptions Used to Determine Fair Value of Contingent Consideration

The assumptions used to determine the fair value is as follows:

		September 30, 2019
Risk free interest rate			1.61	%
Counter party rate			5.61	%
Expected volatility			28.00	%
Weighted average cost of capital			15.50	%

Dixie Revenue Earn-out Consideration

The fair value of the two-year revenue earn-out consideration was $631,000 at September 30, 2019 determined using a Monte Carlo Simulation Model.

The assumptions used to determine the fair value is as follows:

		September 30, 2019
Risk free interest rate			1.72	%
Counter party rate			4.00	%
Revenue volatility			8.00	%
Revenue discount rate			5.00	%
Weighted average cost of capital			13.90	%

Change in Warrant Liability Measured at Fair Value Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table summarizes the activity for financial assets and liabilities utilizing Level 3 fair value measurements:

		Contingent Consideration
		Three Months Ended September 30, 2019				Six Months Ended September 30, 2019
Beginning balance		$	4,970,000			$	4,721,000
Changes in revaluations of contingent consideration included in earnings			(119,000	)			130,000
Ending balance		$	4,851,000			$	4,851,000

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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