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Fair Value Measurement
 3 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Fair Value Measurement

(8) Fair Value Measurement

 

The accounting standard for fair value measurements defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. The standard is applicable whenever assets and liabilities are measured and included in the financial statements at fair value.

 

The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows:

 

Level 1—Quoted prices in active markets for identical assets or liabilities.

 

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3—Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

 

On August 22, 2014, the Company used a portion of the proceeds from the Asset Sale to pay off the outstanding balance of its term loan of $5.7 million.

 

The following table presents the carrying amounts, estimated fair values and valuation input levels of certain of the Company’s financial instruments as of September 30, 2014 and June 30, 2014 (in thousands):

 

    September 30, 2014     June 30, 2014        
    Carrying     Fair     Carrying     Fair     Valuation  
    Amount     Value     Amount     Value     Inputs  
Note Payable   $ —     $ —     $ 5,655     $ 5,655       Level 2  
                                         

 

The carrying amounts of the Company’s Level 1 securities include cash and cash equivalents. The Company has no Level 2 or Level 3 assets or liabilities.