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Note 16 - Fair Value Measurements | 12 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Fair Value, Measurement Inputs, Disclosure [Text Block] | Note 16 . Fair Value Measurements We follow authoritative guidance (GAAP) which requires that assets and liabilities carried at fair value be classified and disclosed in one of the established categories. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three categories are defined as follows: • Level 1: Quoted prices in active markets for identical assets. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Significant inputs to the valuation model are unobservable inputs. Assets and liabilities measured on a recurring basis: The following table presents items required to be measured at fair value on a recurring basis by the level in which they are classified within the valuation hierarchy as follows:
|  | Year Ended March 31, 2017 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
|  | Year Ended March 31, 2016 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | -- |  |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  | $ | -- |  |  | $ | -- |  |  | $ | 9,037 |  |  | $ | 9,037 |
Under the Infitrak Agreement (See Note 2 ), we were required to make two annual payments to the former owners based on future growth in gross profit (as defined in the Infitrak Earn-Out Agreement). During the year ended March 31, 2017 we made both payments which totaled $12,000,000 CDN ( $9,152,000 ). The contingent consideration payable was a standalone liability that was measured at fair value on a recurring basis for which there is no available quoted market price, principal market or market participants. As such, the inputs for this instrument were unobservable and therefore classified as Level 3 inputs. This contingent consideration liability was valued using a discounted cash flow model based on internal forecasts and our current cost of borrowing. There were no changes to the valuation methodology during the period. The contingent consideration arising from this agreement was our only Level 3 asset or liability. The following table presents a roll forward of the contingent consideration payable for the years ended March 31, 2017 and 2016 (in thousands):
|  | March 31, |
|  | 2017 |  |  | 2016 |
Opening balance |  | $ | 9,037 |  |  | $ | -- |
Amount related to Infitrak Acquisition |  |  | -- |  |  |  | 9,271 |
Measurement period adjustment(s) |  |  | -- |  |  |  | -- |
Payments/accruals |  |  | (9,152 | ) |  |  | -- |
Transfers in/out of Level 3 |  |  | -- |  |  |  | -- |
Fair value adjustment – expense |  |  | 158 |  |  |  | 85 |
Foreign exchange rate impact – included in other comprehensive loss |  |  | (43 | ) |  |  | (319 | )
Ending Balance |  | $ | -- |  |  | $ | 9,037 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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