FAIR VALUE MEASUREMENTS

12 Months Ended

Mar. 31, 2014

FAIR VALUE MEASUREMENTS [Abstract]

FAIR VALUE MEASUREMENTS

12. FAIR VALUE MEASUREMENTS

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 following tables summarize the fair value hierarchy of our financial instruments as of March 31, 2014 and 2013 (in thousands):

			Fair Value Measurement Using
	March 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Gains (Losses)
Assets:
Money market funds	$	54,267	$	54,267	$	-	$	-	$	-

			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)
Assets:
Money market funds	$	24,140	$	24,140	$	-	$	-	$	-
Liabilities:
Contingent consideration	$	918	$	-	$	-	$	918	$	-

For the years ended March 31, 2014 and 2013, the adjustment to the fair value of the contingent consideration was an increase of $355 thousand and increase of $99 thousand, respectively, which was presented within general and administrative expenses in our consolidated statement of operations. We paid $1,273 thousand in consideration to satisfy our contingent liability. As of March 31, 2014, there were no outstanding amounts due under the contingent consideration arrangement.