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FAIR VALUE OF FINANCIAL INSTRUMENTS
9 Months Ended
Dec. 31, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
12.FAIR VALUE OF FINANCIAL INSTRUMENTS

We account for the fair values of our assets and liabilities in accordance with Codification Topic Fair Value Measurement and Disclosure. Accordingly, we established a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. The fair value of our contingent consideration liability is calculated using the discounted cash flow approach based on significant unobservable inputs, which is considered a level 3 measurement.

The following table summarizes the fair value hierarchy of our contingent consideration liability as of March 31, 2013 (in thousands):
 
 
 
    
Fair Value Measurement Using      
 
March 31, 2013
Quoted Prices in
Active Markets
 for Identical
Assets (Level 1)
 Significant
Other
Observable
 Inputs (Level 2)
 Significant 
Unobservable
Inputs (Level 3)
Total Gains
(Losses)
 
 
 
 
 
                
Liabilities:
 
 
 
 
             
 
 
 
 
 
                
Contingent consideration
 $
          918
 $
-
 $
-
  $
                                                              918
 $
-
 
 
For the nine months ended December 31, 2013, the adjustment to the fair value of the contingent consideration was an increase of $355 thousand, which was presented within general and administrative expenses in our unaudited consolidated statement of operations. During the nine months ended December 31, 2013, we paid $1,272 thousand in consideration to satisfy our contingent liability. As of December 31, 2013, there were no outstanding amounts due under the contingent consideration arrangement.

For the nine months ended December 31, 2012, the adjustment to the fair value of the contingent consideration was an increase of $77 thousand, which was presented as a reduction to general and administrative expenses in our unaudited consolidated statement of operations.