Convertible Preferred Stock Warrant

12 Months Ended

Mar. 31, 2014

Convertible Preferred Stock Warrant Disclosure [Abstract]

Convertible Preferred Stock Warrant

Convertible Preferred Stock Warrant

In March 2008, in connection with a prior term loan that was repaid in full in fiscal 2011, the Company had issued a warrant to Hercules Technology II, L.P. (“Hercules”) for the purchase of 80,560 shares of Series A 2005 Convertible Preferred Stock at an exercise price of $8.07 per share. The fair value of the warrant approximated $431,000 (see Note 2). Upon the consummation of the Company’s IPO on April 2, 2012, the warrant became a warrant to purchase 80,560 shares of our common stock. On April 12, 2012, Hercules exercised the warrant to purchase 80,560 shares of the Company’s common stock by surrendering 17,367 shares to pay for the exercise. As a result, the Company issued to Hercules 63,193 shares of common stock.