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Note 3 - Fair Value Measurements
12 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
NOTE
3.
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 valuation hierarchy categories are 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
$54,517,969
as of
March 
31,
2018
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. On the balance sheets, these securities are included in “Marketable securities, short term” and “Marketable securities, long term.” The fair value of our Level
2
marketable securities was
$19,085,998
as of
March 
31,
2018
and
$1,304,603
as of
March 
31,
2017.


     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.