XML 35 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 13 - Fair Value of Financial Instruments
 12 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
13.
FAIR VALUE OF FINANCIAL INSTRUMENTS
 
The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in
one
of the following
three
categories:
 
Level
 
1:
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
 
Level
 
2:
Quoted prices in markets that are
not
active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
 
Level
 
3:
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or
no
market activity).
 
The following consolidated balance sheet items are measured at fair value:
 
   
Fair Value Measurements at March 31,
  
   
2017
    
2016
  
                 
Marketable securities (Level 1)
   $
4,593,667
     $
9,655,915
  
Acquisition contingent consideration obligations (Level 3)
   $
3,023,031
     $
-
  
Redeemable Non-Controlling Interest (Level 3)
   $
1,443,901
     $
-
  
 
There was
no
significant change in the estimated fair value between initial recognition and
March 31,
2017
for the acquisition contingent consideration obligations and the redeemable non-controlling interest.
 
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable
, notes receivable and accounts payable approximate their fair value at
March 31, 2017
and
2016.