Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2017

Schedule of assets and liabilities measured at fair value on a recurring basis

The table below presents our assets and liabilities that are measured at fair value on a recurring basis during Fiscal 2017 and are categorized using the fair value hierarchy (in thousands):


	Fair Value Measurements at March 31, 2017

			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	7,520	$	7,520	$	—	$	—
Restricted cash	$	5,514	$	5,514	$	—	$	—
Warrant liability	$	(2,917)	$	—	$	—	$	(2,917)

The table below presents our assets and liabilities that are measured at fair value on a recurring basis during Fiscal 2016 and are categorized using the fair value hierarchy (in thousands):


	Fair Value Measurements at March 31, 2016

			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	3,002	$	3,002	$	—	$	—
Restricted cash	$	5,002	$	5,002	$	—	$	—

Schedule of carrying values and estimated fair values of obligations under the revolving credit facility

The carrying values and estimated fair values of these obligations are as follows (in thousands):

As of

March 31, 2017

March 31, 2016

Carrying

Estimated

Carrying

Estimated

Value

Fair Value

Value

Fair Value

Obligations under the credit facility

11,533

9,459

Schedule of assumptions used to calculate estimated fair value of warrants


		Year Ended
		March 31, 2017
Risk-free interest rate		1.9%
Contractual term		5.1 years
Expected volatility		67.6%

Schedule of changes to warrant liability

The table below provides a reconciliation of the beginning and ending balances for the warrant liability which is measured at fair value using significant unobservable inputs (Level 3) (in thousands):


Balance, March 31, 2016	$	—
Total realized and unrealized (gains) losses:
Income included in change in fair value of warrant liability		1,323
Issuances		(4,240)
Balance, March 31, 2017	$	(2,917)