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Note 18 - Recent Accounting Pronouncements | 9 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 18. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016 - 02, Leases (Topic 842 ) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This ASU and its amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.
| • | In July 2018, the FASB issued ASU 2018 - 10, Codification improvements to Topic 842, Leases. The amendments in ASU 2018 - 10 provide more clarification in regards to the application and requirements of ASU 2016 - 02.
| • | In July 2018, the FASB issued ASU 2018 - 11, Topic 842, Leases - Targeted improvements. The amendments in ASU 2018 - 11 provide for the option to adopt the standard prospectively and recognize a cumulative-effect adjustment to the opening balance of retained earnings as well as offer a new practical expedient that will allow the Company to elect, by class of underlying asset, to not separate non-lease and lease components in certain circumstances and instead to account for those components as a single item.
ASU 2016 - 02 became effective on April 1, 2019, and the Company adopted the standard using the modified retrospective transition method, which impacted all leases existing at, or entered into after, the period of adoption. For all leases existing at the time of adoption the Company recognized a right-of-use asset and lease liability on the balance sheet. See Note 14 "Leases" for additional information. In June 2016, the FASB issued ASU 2016 - 13, Financial Instruments-Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments . The amendments in ASU 2016 - 13 will provide more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that year. Following the release of ASU 2019 - 10 in November 2019, the new effective date, as long as the Company remains a smaller reporting company, would be annual reporting periods beginning after December 15, 2022. The Company is currently evaluating the impact, if any, the adoption of ASU 2016 - 13 may have on its consolidated financial statements. In July 2017, the FASB issued ASU 2017 - 11, Earnings per Share (Topic 260 ), Distinguishing Liabilities from Equity (Topic 480 ), and Derivatives and Hedging (Topic 815 ) . The amendments in ASU 2017 - 11 provide guidance for freestanding equity-linked financial instruments, such as warrants and conversion options in convertible debt or preferred stock and should no longer be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The ASU is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those periods. As of April 1, 2019, the Company has adopted ASU 2017 - 11 and noted no significant impact on its consolidated financial statements, primarily due to the put option feature within the Company's warrant agreements which required continued liability classification under ASC 480. In August 2017, the FASB issued ASU 2017 - 12, Derivatives and Hedging (Topic 815 ): Targeted Improvements to Accounting for Hedging Activities . The amendments in ASU 2017 - 12 provide improved financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance. The ASU is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those periods. As of April 1, 2019, the Company has adopted ASU 2017 - 12 and noted no significant impact on its consolidated financial statements, primarily due to the fact that there are no longer any hedging instruments included in its results. In June 2018, the FASB issued ASU 2018 - 08, Not -For-Profit Entities (Topic 958 ): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made . The amendments in ASU 2018 - 08 assist entities in ( 1 ) evaluating whether transactions should be accounted for as contributions (nonreciprocal transactions) within the scope of Topic 958, Not -for-Profit Entities, or as exchange (reciprocal) transactions subject to other guidance and ( 2 ) determining whether a contribution is conditional. The ASU is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those periods. As of April 1, 2019, the Company has adopted ASU 2018 - 08 and noted additional disclosures within its revenue footnote to appropriately present the revenue related to its grant revenue. In August 2018, the FASB issued ASU 2018 - 13, Fair Value Measurement (Topic 820 ): Changes to the Disclosure Requirements for Fair Value Measurement . The amendments in ASU 2018 - 13 provide for increased effectiveness of the disclosures made around fair value measurements while including consideration for costs and benefits. The ASU is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those periods. The Company is currently evaluating the impact the adoption of ASU 2018 - 13 may have on its consolidated financial statements. In December 2019, the FASB issued ASU 2019 - 12, Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes . The amendments in ASU 2019 - 12 provide for simplified accounting to several income tax situations and removal of certain accounting exceptions. The ASU is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those periods. The Company does not expect the impact of the adoption of ASU 2019 - 12 to be material to its consolidated financial statements.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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