Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2013

Liabilities Measured At Fair Value On A Recurring Basis

Liabilities measured at fair value on a recurring basis as of June 30, 2013 are summarized below:

Fair Value at Reporting Date Using

Quoted Prices

In Active

Significant

Markets

Other

Significant

For Identical

Observable

Unobservable

Liabilities

Inputs

Total

(Level 1)

(Level 2)

(Level 3)

Deferred compensation under

executive employment agreements⁽¹⁾

646,294

Note (1) $524,000 included in current liabilities and $122,294 included in long term liabilities on our consolidated condensed balance sheet as of June 30, 2013.

Liabilities measured at fair value on a recurring basis as of March 31, 2013 are summarized below:

Fair Value at Reporting Date Using

Quoted Prices

In Active

Significant

Markets

Other

Significant

For Identical

Observable

Unobservable

Liabilities

Inputs

Total

(Level 1)

(Level 2)

(Level 3)

Deferred compensation under

executive employment agreements⁽¹⁾

627,412

Note (1) $524,000 included in current liabilities and $103,412 included in long term liabilities on our consolidated condensed balance sheet as of March 31, 2013.

Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation


	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	As of and for the Quarter Ended
	June 30, 2013		June 30, 2012
	Deferred		Deferred
	Compensation		Compensation
	Under Executive		Under Executive
	Employment		Employment
	Agreements		Agreements
Balance at beginning of quarter	$	627,412		715,107
Transfers into of Level 3		-		-
Transfers out of Level 3		-		-
Total gains or losses (realized and unrealized):
Included in earnings		18,882		26,142
Included in other comprehensive income		-		-
Settlements		-		(152,007)
Balance at the end of quarter	$	646,294		589,242

Loss for the quarter included in earnings attributable
to the Level 3 liability still held at the end of the quarter	$	18,882		26,142

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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