Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2013

Liabilities Measured At Fair Value On A Recurring Basis

Liabilities measured at fair value on a recurring basis as of December 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)

162,165

Note (1) Included in current liabilities on our consolidated condensed balance sheet as of December 31, 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)
	Deferred Compensation Under Executive Employment Agreements
	Quarter Ended December 31,				Nine Months Ended December 31,
	2013		2012		2013		2012
Balance at beginning of period	$	666,229	$	602,081	$	627,412	$	715,107
Transfers into Level 3		-		-		-		-
Transfers out of Level 3		-		-		-		-
Total gains or losses (realized and unrealized):
Included in earnings		19,936		12,840		58,753		51,821
Included in other comprehensive income		-		-		-		-
Settlements		(524,000)		-		(524,000)		(152,007)
Balance at the end of period	$	162,165	$	614,921	$	162,165	$	614,921

Loss for the quarter included in earnings attributable
to the Level 3 liability still held at the end of the period	$	19,936	$	12,840	$	58,753	$	51,821

- 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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