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Trading And Available-For-Sale Securities At Fair Value | 9 Months Ended
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Dec. 31, 2019
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] |
Trading And Available-For-Sale Securities At Fair Value | As of December 31, 2019 and March 31, 2019, trading and available-for-sale securities consisted of:
|  | December 31, 2019 |  |  | March 31, 2019 |
Debt securities |  | $ | 85,233 |  |  | $ | 62,691 |
Equity securities |  |  | 78,912 |  |  |  | 105,017 |
Mutual investment funds |  |  | - |  |  |  | 241 |
Total trading securities |  | $ | 164,145 |  |  | $ | 167,949 |
Certificates of deposit |  | $ | 6,018 |  |  | $ | - |
Mutual investment funds |  |  | 696 |  |  |  | - |
Debt securities |  |  | 455 |  |  |  | - |
Preferred shares |  |  | 312 |  |  |  | - |
Equity securities |  |  | 2 |  |  |  | 2 |
Total available-for-sale securities, at fair value |  | $ | 7,483 |  |  | $ | 2 |
The Company recognized no other-than-temporary impairment in accumulated other comprehensive income. The fair value of assets and liabilities is determined using observable market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the Company utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with observable market data and applying appropriate discounts that reflect differences between the securities that the Company is valuing and the selected benchmark. Depending on the type of securities owned by the Company, other valuation methodologies may be required. Measurement of fair value is classified within a hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels:
● | Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets.
● | Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured.
● | Level 3 - Valuation inputs are unobservable and significant to the fair value measurement.
The following tables present trading and available-for-sale securities assets in the condensed consolidated financial statements at fair value on a recurring basis as of December 31, 2019 and March 31, 2019:
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | December 31, 2019 using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2019 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Debt securities |  | $ | 85,233 |  |  | $ | 85,233 |  |  | $ | - |  |  | $ | - |
Equity securities |  |  | 78,912 |  |  |  | 68,446 |  |  |  | - |  |  |  | 10,466 |
Total trading securities |  | $ | 164,145 |  |  | $ | 153,679 |  |  | $ | - |  |  | $ | 10,466 |
Certificates of deposit |  | $ | 6,018 |  |  | $ | - |  |  | $ | 6,018 |  |  | $ | - |
Mutual investment funds |  |  | 696 |  |  |  | 696 |  |  |  | - |  |  |  | - |
Debt securities |  |  | 455 |  |  |  | - |  |  |  | 455 |  |  |  | - |
Preferred shares |  |  | 312 |  |  |  | - |  |  |  | 312 |  |  |  | - |
Equity securities |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |
Total available-for-sale securities, at fair value |  | $ | 7,483 |  |  | $ | 696 |  |  | $ | 6,785 |  |  | $ | 2 |
|  |  |  |  | Fair Value Measurements at March 31, 2019 using |
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | March 31, 2019 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Equity securities |  | $ | 105,017 |  |  | $ | 105,017 |  |  | $ | - |  |  | $ | - |
Debt securities |  |  | 62,691 |  |  |  | 62,187 |  |  |  | - |  |  |  | 504 |
Mutual investment funds |  |  | 241 |  |  |  | 241 |  |  |  | - |  |  |  | - |
Total trading securities |  | $ | 167,949 |  |  | $ | 167,445 |  |  | $ | - |  |  | $ | 504 |
Equity securities |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | 2 |
Total available-for-sale securities, at fair value |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | 2 |
The table below presents the Valuation Techniques and Significant Level 3 Inputs used in the valuation as of December 31, 2019 and March 31, 2019. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value.
Type | Valuation Technique |  | FV as of December 31, 2019 |  |  | FV as of March 31, 2019 |  | Significant Unobservable Inputs |  | Input |
Corporate bonds | DCF |  | $ | - |  |  | $ | 504 |  | Discount rate |  |  | 11.3 | %
Equity security | DCF |  |  | 10,466 |  |  |  | - |  | Discount rate |  |  | 9.8 | %
|  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 9 years |
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended December 31, 2019:
|  | Trading securities |  |  | Available for sale securities |
Balance as of March 31, 2019 |  | $ | 504 |  |  | $ | 2 |
Sale of investments that use Level 3 inputs |  |  | (497 | ) |  |  | - |
Purchase of investments that use Level 3 inputs |  |  | 10,430 |  |  |  | - |
Foreign currency translation |  |  | 29 |  |  |  | - |
Balance as of December 31, 2019 |  | $ | 10,466 |  |  | $ | 2 |
|  |  |  |  | December 31, 2019 |  |  |  |
|  | Assets measured at amortized cost |  |  | Unrealized gain/(loss) accumulated in other comprehensive income/(loss) |  |  | Assets measured at fair value |
Certificates of deposit |  | $ | 6,005 |  |  | $ | 13 |  |  | $ | 6,018 |
Mutual investment funds |  |  | 691 |  |  |  | 5 |  |  |  | 696 |
Debt securities |  |  | 455 |  |  |  | - |  |  |  | 455 |
Preferred shares |  |  | 304 |  |  |  | 8 |  |  |  | 312 |
Equity securities |  |  | 2 |  |  |  | - |  |  |  | 2 |
Available-for-sale securities, at fair value |  | $ | 7,457 |  |  | $ | 26 |  |  | $ | 7,483 |
|  |  |  |  | March 31, 2019 |  |  |  |
|  | Assets measured at amortized cost |  |  | Unrealized gain accumulated in other comprehensive income/(loss) |  |  | Assets measured at fair value |
Equity securities |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Available-for-sale securities, at fair value |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Of the available-for-sale securities, at fair value, the total amount less the amount of Equity securities, together with the amount identified as “deferred distribution payments” in Note 4 – Restricted Cash is held as a reserve for distribution to shareholders who have not yet claimed their distributions from the 2011 sale of the Company’s oil and gas exploration and production operations. These funds are currently payable, subject to the entitled shareholders completing and submitting to the Company the necessary documentation to claim his, her or its distribution payments. The Company has no control over when, or if, any entitled shareholder will submit the necessary documentation to claim his, her, or its distribution payment.

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