Note 9 - Fair Value Measurements

12 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Fair Value Disclosures [Text Block]

( 9 ) Fair Value Measurements

The Company carries cash and cash equivalents and investments at fair value in the Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic

820

(“Fair Value Measurements”) establishes a

three

-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 

1

- Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 

2

- Include other inputs that are directly or indirectly observable in the marketplace.

Level 

3

- Unobservable inputs which are supported by little or

no

market activity.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s cash equivalents are classified within Level

1.

At

March 31, 2019

and

2018

the Company had invested the majority of its cash and cash equivalents balance in money market funds (level

1

).