Commitments and Contingencies

9 Months Ended

Dec. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Note 6. Commitments and Contingencies

Government Grant

In 2008, the Company was awarded research and development grant funding from Scottish Enterprise amounting to £1,791, for the development of MosaiQ^TM. The total grant claimed to December 31, 2015 is £1,790. Regular meetings are held to update Scottish Enterprise with the status of the project and while the terms of the grant award provide for full repayment of the grant in certain circumstances, the Company does not consider that any repayment is likely.

Hedging arrangements

The Company’s subsidiary in the United Kingdom (“UK”) has entered into twelve forward exchange contracts to sell $500 and purchase pounds sterling at £1:$1.50 in each calendar month through December 2016 as a hedge of its U.S. dollar denominated revenues. The fair value of foreign currency forward contracts has been determined by calculating the present value of future cash flows, estimated using market-based observable inputs including forward and spot exchange rates and interest rate curves obtained from third party market price quotations.

Share warrants

As part of its initial public offering in April 2014 the Company issued 5 million warrants each to acquire 0.8 of an ordinary share for a price of $8.80 per whole share (“IPO warrants”). During the period from the initial public offering to October 26, 2015 when the warrants expired, 4,981,052 of these warrants were exercised and the remaining 18,948 expired on October 26, 2015. As of March 31, 2015, the financial statements included a financial liability of $31,011 in respect of these warrants which was equal to the market price of the outstanding warrants at that date. As of December 31, 2015 no financial liability in respect of the IPO warrants was included in the financial statements.

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

	December 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	—	$	—	$	—
Total assets measured at fair value	$	—	$	—	$	—	$	—

	December 31, 2015
	Level 1		Level 2		Level 3		Total
Liabilities:
Foreign currency forward contracts	$	—	$	79	$	—	$	79
Fair value of share warrants		—		—		—		—
Total liabilities measured at fair value	$	—	$	79	$	—	$	79

	March 31, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	—	$	—	$	—
Total assets measured at fair value	$	—	$	—	$	—	$	—

	March 31, 2015
	Level 1		Level 2		Level 3		Total
Liabilities:
Foreign currency forward contracts	$	199	$	—	$	—	$	199
Fair value of share warrants		31,011		—		—		31,011
Total liabilities measured at fair value	$	31,210	$	—	$	—	$	31,210

The change in the estimated fair value of share warrant liabilities is summarized below:

March 31,2015	$	31,011
Change in fair value of ordinary share warrants		(15,857	)
Exercise and expiry of warrants		(15,154	)
December 31, 2015	$	—