XML 26 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 9 - Fair Value Measurements
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
NOTE
9.
FAIR VALUE MEASUREMENTS

          Generally accepted accounting principles establish a framework for measuring fair value, provide a definition of fair value and prescribe required disclosures about fair-value measurements. Generally accepted accounting principles define fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Generally accepted accounting principles utilize a valuation hierarchy for disclosure of fair value measurements. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows:

          Level
1
– Financial instruments with quoted prices in active markets for identical assets or liabilities. Our Level
1
financial instruments consist of publicly-traded marketable corporate   debt securities, which are classified as available-for-sale. On the balance sheets, these securities are included in “Marketable securities, short term” and “Marketable securities, long term.” The fair value of our Level
1
marketable securities was
$83,010,489
as of
December
31,
2016
and
$84,045,869
as of
March
31,
2016.


          Level
2
– Financial instruments with quoted prices in active markets for similar assets or liabilities. Level
2
fair value measurements are determined using either prices for similar instruments or inputs that are either directly or indirectly observable, such as interest rates. We had
one
Level
2
financial instrument, a municipal debt security, which is classified as available-for-sale. The fair value of the Level
2
marketable security was
$1,313,452
as of
December
31,
2016
and
$1,346,850
as of
March
31,
2016.
The security was included in “Marketable securities, short term” on the
December
31,
2016
balance sheet, and “Marketable securities, long term” on the
March
31,
2016
balance sheet.

          Level
3
– Inputs to the fair value measurement are unobservable inputs or valuation techniques. We do
not
have any financial assets or liabilities being measured at fair value that are classified as Level
3
financial instruments.