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Note 9 - Fair Value Measurements
6 Months Ended
Sep. 30, 2017
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.” All of our marketable securities were Level 
1
as of
September 
30,
2017.
The fair value of these securities was
$76,544,498
as of
September 
30,
2017
and
$75,098,153
as of
March 
31,
2017.


     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
no
Level 
2
financial instruments as of
September 
30,
2017.
We had
one
Level 
2
instrument, a municipal debt security with a fair value of
$1,304,603,
as of
March 
31,
2017.
This security was classified as available-for-sale and included in “Marketable securities, short term” on the
March 
31,
2017
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.