6. Convertible Preferred Stock Warrant Liability

As of April 30, 2015, the Company had the following warrants to purchase convertible preferred stock outstanding:

			Fair value
	Warrants		of Warrants
	outstanding		Liabilities as of
	as of		April 30, 2015
	April 30, 2015		(in thousands)
December 2010 warrant		70,287	$	726
May and June 2009 warrants		55,696		596
April 2012, December 2012 and October 2014 warrants		66,026		611
Total		192,009	$	1,933

In December 2010 the Company issued a warrant to purchase 70,287 shares of Series Alpha convertible preferred stock. The warrant was initially measured at its fair value and recorded as a derivative liability. On each reporting date the change in fair value of the warrant was determined based on Monte-Carlo model or IPO pricing on payout. During the three months ended April 30, 2015, the Company recorded a remeasurement loss of $0.3 million in other income (expense) in the condensed consolidated statement of operations. Upon the completion of the IPO, the fair value of the warrant was determined to be $0.6 million. The warrant was cash settled and the Company paid $0.6 million to the warrant holder from the IPO proceeds.

In May and June 2009, the Company issued warrants to purchase 55,696 shares of Series Alpha convertible preferred stock. These warrants were initially measured at their fair value and recorded as a derivative liability. On each reporting date the change in fair value of the warrants were determined using the Black Scholes model. During the three months ended April 30, 2015, the Company recorded a remeasurement loss of $0.2 million in other income (expense) in the condensed consolidated statement of operations. As of April 30, 2015, the fair value of these warrants was determined using the following Black-Scholes assumptions: expected volatility of 70%, remaining contractual term of 1.14 years, risk-free interest rate of 0.3% and no dividend yield. Upon completion of the IPO in July, 2015, the total aggregate liability of $0.4 million related to these warrants was derecognized and reclassified to additional paid in capital which then automatically converted these warrants to purchase shares of Series Alpha convertible stock into warrants to purchase shares of common stock.

In April 2012, December 2012 and October 2014, the Company issued warrants to purchase an aggregate of 66,026 shares of Series Alpha convertible preferred stock in connection with a debt agreement with a lender. The Company recorded the warrants as a derivative liability. The warrants were initially measured at fair value and remeasured at every reporting period date using Monte-Carlo valuation. During the three months ended April 30, 2015, the Company recorded a remeasurement loss of $0.2 million in the condensed consolidated statement of operations. Upon completion of the IPO in July, 2015, the total aggregate liability of $0.7 million related to these warrants was derecognized and reclassified to additional paid in capital which then automatically converted these warrants to purchase shares of Series Alpha convertible stock into warrants to purchase shares of common stock on a 1:1 basis. During the fourth quarter of fiscal 2016, the lender net exercised warrants to purchase 66,026 shares of Series Alpha convertible stock at an exercise price of $4.70 per share to 21,421 shares of common stock.