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Investment in and advances to unconsolidated joint venture | 12 Months Ended
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Mar. 31, 2012
Investment in and advances to unconsolidated joint venture [Abstract] |
Investment in and advances to unconsolidated joint venture | 11. Investment in and advances to unconsolidated joint venture The Company was engaged in a joint venture, Noramac Joint Venture (JV), of which the Company had joint control (50% proportionate interest). The JV was formed for the purpose of expanding the Company’s market opportunities and establishing strategic alliances in Northern Alberta. The Company owned a 49% interest in Noramac Ventures Inc., a nominee company established by the two joint venture partners. On March 25, 2011, the Company and its joint venture partner decided to wind up Noramac Ventures Inc. and terminate the joint venture. At March 31, 2012 and 2011, the assets and liabilities of the joint venture are stated at the lower of carrying value and fair market value less costs to sell. The difference between carrying value and fair market value of assets and liabilities was recognized in the income statement of the joint venture during the years ended March 31, 2012 and 2011. As of March 31, 2012, the Company’s investment in and advances to the unconsolidated joint venture totalled $1,574 (2011 – $1,488; 2010 – $2,917). The condensed financial data for investment in and advances to unconsolidated joint venture is summarized as follows:
|  | March 31, 2012 |  |  |  |  | March 31, 2011 |
Current assets |  |  | $6,556 |  |  |  |  |  | $8,328 |
Current liabilities |  |  | 10,716 |  |  |  |  |  | 13,875 |
Year ended March 31, |  | 2012 |  |  |  |  | 2011 |  |  |  |  | 2010 |
Gross revenues |  |  | $1,922 |  |  |  |  |  | $12,196 |  |  |  |  |  | $8,774 |
Gross (profit) loss |  |  | 1,922 |  |  |  |  |  | 2,483 |  |  |  |  |  | (1,610 | )
Net (income) loss |  |  | (172 | ) |  |  |  |  | 5,440 |  |  |  |  |  | (87 | )
Equity in (earnings) loss of unconsolidated joint venture |  |  | ($86 | ) |  |  |  |  | $2,720 |  |  |  |  |  | $(44 | )

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- Definition The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32787-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6903645&loc=d3e32847-111569 + Details
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