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7. FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Dec. 31, 2020
FINANCIAL INSTRUMENTS |
Schedule of fair value of financial assets measured on a recurring basis | The fair value of financial assets measured on a recurring basis is as follows (in thousands):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices |  |  |  |  |
|  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  | Markets for |  | Other |  | Significant |
|  |  |  |  | Identical Assets |  | Observable |  | Unobservable |
|  |  |  |  | and Liabilities |  | Inputs |  | Inputs |
|  | December 31, 2020 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 23,160 |  | $ | 23,160 |  | $ | — |  | $ | — |
Marketable securities |  |  | 19,322 |  |  | — |  |  | 19,322 |  |  | — |
Total |  | $ | 42,482 |  | $ | 23,160 |  | $ | 19,322 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 3,972 |  | $ | — |  | $ | — |  | $ | 3,972 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  |  |  |  | Quoted Prices |  |  |  |  |
|  |  |  |  | in Active |  | Significant |  |  |
|  |  |  |  | Markets for |  | Other |  | Significant |
|  |  |  |  | Identical Assets |  | Observable |  | Unobservable |
|  |  |  |  | and Liabilities |  | Inputs |  | Inputs |
|  | March 31, 2020 |  | (Level 1) |  | (Level 2) |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 14,117 |  | $ | 14,117 |  | $ | — |  | $ | — |
Marketable securities |  |  | 19,178 |  |  | — |  |  | 19,178 |  |  | — |
Total |  | $ | 33,295 |  | $ | 14,117 |  | $ | 19,178 |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 3,898 |  | $ | — |  | $ | — |  | $ | 3,898 |
Schedule of changes in fair value of contingent consideration |
|  | Nine Months Ended December 31, |
|  | 2020 |  | 2019 |
|  | (In thousands) |
Contingent consideration, beginning of period |  | $ | 3,898 |  | $ | 4,206 |
Change due to accretion |  |  | 74 |  |  | 87 |
Payment of contingent consideration |  |  | — |  |  | (500) |
Contingent consideration, end of period |  | $ | 3,972 |  | $ | 3,793 |
Schedule of available-for-sale investments |
|  | December 31, 2020 |
|  |  |  |  | Gross |  | Gross |  |  |  |
|  |  |  |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
|  | (In thousands) |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 2,495 |  | $ | 14 |  | $ | — |  | $ | 2,509 |
Supranational obligations |  |  | 2,765 |  |  | 5 |  |  | — |  |  | 2,770 |
Agency bonds |  |  | 3,918 |  |  | — |  |  | (1) |  |  | 3,917 |
Total short-term investments |  | $ | 9,178 |  | $ | 19 |  | $ | (1) |  | $ | 9,196 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 4,000 |  | $ | 31 |  | $ | — |  | $ | 4,031 |
Supranational obligations |  |  | 2,047 |  |  | — |  |  | (1) |  |  | 2,046 |
Agency bonds |  |  | 4,018 |  |  | 31 |  |  | — |  |  | 4,049 |
Total long-term investments |  | $ | 10,065 |  | $ | 62 |  | $ | (1) |  | $ | 10,126 |
|  | March 31, 2020 |
|  |  |  |  | Gross |  | Gross |  |  |  |
|  |  |  |  | Unrealized |  | Unrealized |  | Fair |
|  | Cost |  | Gains |  | Losses |  | Value |
|  | (In thousands) |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 12,000 |  | $ | 52 |  | $ | (1) |  | $ | 12,051 |
Agency bonds |  |  | 2,989 |  |  | 21 |  |  | — |  |  | 3,010 |
Total short-term investments |  | $ | 14,989 |  | $ | 73 |  | $ | (1) |  | $ | 15,061 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 745 |  | $ | 18 |  | $ | — |  | $ | 763 |
Agency bonds |  |  | 2,029 |  |  | 42 |  |  | — |  |  | 2,071 |
Supranational obligations |  |  | 1,270 |  |  | 13 |  |  | — |  |  | 1,283 |
Total long-term investments |  | $ | 4,044 |  | $ | 73 |  | $ | — |  | $ | 4,117 |
Schedule of unrealized losses and fair value of investments |
|  | December 31, 2020 |
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total |
|  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
|  | (In thousands) |
Agency bonds |  | $ | 4,918 |  | $ | (1) |  | $ | — |  | $ | — |  | $ | 4,918 |  | $ | (1) |
Certificates of deposit |  |  | 250 |  |  | (1) |  |  | — |  |  | — |  |  | 250 |  |  | (1) |
Supranational obligations |  |  | 2,523 |  |  | (1) |  |  | — |  |  | — |  |  | 2,523 |  |  | (1) |
|  | $ | 7,691 |  | $ | (3) |  | $ | — |  | $ | — |  | $ | 7,691 |  | $ | (3) |
|  | March 31, 2020 |
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total |
|  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
|  | (In thousands) |
Certificates of deposit |  | $ | 2,498 |  | $ | (2) |  | $ | - |  | $ | - |  | $ | 2,498 |  | $ | (2) |
|  | $ | 2,498 |  | $ | (2) |  | $ | - |  | $ | - |  | $ | 2,498 |  | $ | (2) |
Schedule of contractual maturities of the available-for-sale investments |
|  |  |  |  | Fair |
|  | Cost |  | Value |
|  | (In thousands) |
Maturing within one year |  | $ | 9,178 |  | $ | 9,196 |
Maturing in one to three years |  |  | 10,065 |  |  | 10,126 |
|  | $ | 19,243 |  | $ | 19,322 |

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