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TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE | 6 Months Ended
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Sep. 30, 2020
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE |
NOTE 5 - TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE | NOTE 5 -TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE As of September 30, 2020 and March 31, 2020, trading and available-for-sale securities consisted of:
|  | September 30, 2020 |  |  | March 31, 2020 |
Debt securities |  | $ | 248,409 |  |  | $ | 87,014 |
Equity securities |  |  | 63,422 |  |  |  | 69,530 |
Mutual investment funds |  |  | 1 |  |  |  | - |
Total trading securities |  | $ | 311,832 |  |  | $ | 156,544 |
Equity securities |  | $ | 1 |  |  | $ | 1 |
Certificate of deposit |  |  | - |  |  |  | 5,076 |
Mutual investment funds |  |  | - |  |  |  | 672 |
Debt securities |  |  | - |  |  |  | 405 |
Preferred shares |  |  | - |  |  |  | 284 |
Total available-for-sale securities, at fair value |  | $ | 1 |  |  | $ | 6,438 |
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 securities assets in the condensed consolidated financial statements at fair value on a recurring basis as of September 30, 2020 and March 31, 2020:
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | September 30, 2020 using |
|  | September 30, |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | 2020 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Debt securities |  | $ | 248,409 |  |  | $ | 248,409 |  |  | $ | - |  |  | $ | - |
Equity securities |  |  | 63,422 |  |  |  | 51,812 |  |  |  | - |  |  |  | 11,610 |
Mutual investment funds |  |  | 1 |  |  |  | 1 |  |  |  | - |  |  |  | - |
Total trading securities |  | $ | 311,832 |  |  | $ | 300,222 |  |  | $ | - |  |  | $ | 11,610 |
Equity securities |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |
Total available-for-sale securities, at fair value |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | March 31, 2020 using |
|  | March 31, |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | 2020 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Debt securities |  | $ | 87,014 |  |  | $ | 87,014 |  |  | $ | - |  |  | $ | - |
Equity securities |  |  | 69,530 |  |  |  | 58,271 |  |  |  | - |  |  |  | 11,259 |
Total trading securities |  | $ | 156,544 |  |  | $ | 145,285 |  |  | $ | - |  |  | $ | 11,259 |
Equity securities |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 1 |
Debt securities |  |  | 405 |  |  |  | - |  |  |  | 405 |  |  |  | - |
Certificate of deposit |  |  | 5,076 |  |  |  | - |  |  |  | 5,076 |  |  |  | - |
Mutual investment funds |  |  | 672 |  |  |  | 672 |  |  |  | - |  |  |  | - |
Preferred shares |  |  | 284 |  |  |  | - |  |  |  | 284 |  |  |  | - |
Total available-for-sale securities, at fair value |  | $ | 6,438 |  |  | $ | 672 |  |  | $ | 5,765 |  |  | $ | 1 |
The table below presents the valuation techniques and significant level 3 inputs used in the valuation as of September 30, 2020 and March 31, 2020. 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 September 30, 2020 |  |  | FV as of March 31, 2020 |  |  | Significant Unobservable Inputs |  | % |
Equity securities |  | DCF |  | $ | 11,259 |  |  | $ | 11,259 |  |  | Discount rate |  |  | 9.50 | %
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 9 years |
Equity securities |  | DCF |  | $ | 351 |  |  |  | - |  |  | Discount rate |  |  | 20.3 | %
|  |  |  |  |  |  |  |  |  |  |  | Estimated number of years |  |  | 10 years |
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended September 30, 2020 and the year ended March 31, 2020: The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income/(loss), and fair value of available-for-sale securities as of September 30, 2020 and March 31, 2020:
|  | September 30, 2020 |
|  | Assets measured at amortized cost |  |  | Unrealized loss accumulated in other comprehensive income/(loss) |  |  | Assets measured at fair value |
Equity securities |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |
Balance as of September 30, 2020 |  | $ | 1 |  |  | $ | - |  |  | $ | 1 |
|  | March 31, 2020 |
|  | Assets measured at amortized cost |  |  | Unrealized loss accumulated in other comprehensive income/(loss) |  |  | Assets measured at fair value |
Certificate of deposit |  | $ | 5,050 |  |  | $ | 26 |  |  | $ | 5,076 |
Mutual investment funds |  |  | 696 |  |  |  | (24 | ) |  |  | 672 |
Debt securities |  |  | 456 |  |  |  | (51 | ) |  |  | 405 |
Preferred shares |  |  | 306 |  |  |  | (22 | ) |  |  | 284 |
Equity securities |  |  | 1 |  |  |  | - |  |  |  | 1 |
Balance as of March 31, 2020 |  | $ | 6,509 |  |  | $ | (71 | ) |  | $ | 6,438 |
In connection with the 2011 sale of the Company’s oil and gas exploration and production operations the Company declared distributions to its stockholders. Certain stockholders, however, never completed and submitted the necessary documentation to establish their right to receive the distributions. The total amount held in reserve by the Company on behalf of such stockholders is equal to available-for-sale securities, at fair value, less equity securities, plus the amount identified as “deferred distribution payments” in Note 4 - Restricted Cash. These funds are currently payable. The Company has no control over when, or if, any entitled stockholder will submit the necessary documentation to establish a claim to receive such stockholder’s distribution payment.

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