Fair Value of Financial Instruments

3 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

8. Fair Value of Financial Instruments

The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable:

Level 1 – fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 – fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Level 2 and 3 financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition, since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions may also dramatically affect the estimated fair values.

The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy:

	Level 1		Level 2		Level 3		Total June 30, 2018
Cash	$	4,625	$	-	$	-	$	4,625
Long-term investment – Shares		180,990		-		-		180,990
Long-term investment – Warrants		-		-		154,579		154,579
Total	$	185,615	$	-	$	157,579	$	340,194

	Level 1		Level 2		Level 3		Total March 31, 2018
Cash	$	28,481	$	-	$	-	$	28,481
Long-term investment – Shares		64,633		-		-		64,633
Long-term investment – Warrants		-		-		48,375		48,375
Total	$	93,114	$	-	$	48,375	$	141,489