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Fair Value Measurements (Tables)
9 Months Ended 12 Months Ended
Dec. 31, 2019
Mar. 31, 2019
Fair Value Disclosures [Abstract]    
Summary of Fair Value of Freestanding Derivative

The following table summarizes the fair value of the freestanding derivative at December 31, 2019 and March 31, 2019, respectively:

 

     Fair Values of Derivative Financial Instruments  
     Asset (Liability)  
Derivative financial instruments not designated
as hedging instruments:
   Balance Sheet Location      December 31,
2019
     March 31,
2019
 

Freestanding Option

     Dividend receivable      $ 68,344      $ 81,264  
     

 

 

    

 

 

 
      $ 68,344      $ 81,264  
     

 

 

    

 

 

 

The following table summarizes the fair value of the freestanding derivative at March 31, 2019 and 2018:

 

    Fair Values of Derivative Financial Instruments
Asset (Liability)
 
Derivative financial instruments not designated as hedging instruments:   Balance
Sheet
Location
    March 31,
2019
    March 31,
2018
 

Freestanding Option

   
Dividend
receivable
 
 
  $ 81,264     $ 59,116  
    $ 81,264     $ 59,116  
Reconciliation of Fair Value Derivative Using Unobservable Inputs

The following table presents a reconciliation of the fair value of the derivative for which the Company uses significant unobservable inputs:

 

     Nine Months Ended
December 31,
 
     2019      2018  

Balance at beginning of period

   $ 81,264      $ 59,116  

Increase in fair value based on ASC 505 equity-based compensation

     —          16,378  

Settlements due to exercise of awards

     (1,670      (1,297

Change in fair value of equity-based awards

     (11,250      —    
  

 

 

    

 

 

 

Balance at end of period

   $ 68,344      $ 74,197  
  

 

 

    

 

 

 

The following table presents a reconciliation of the fair value of the derivative for which the Company uses significant unobservable inputs:

 

     Year Ended
March 31, 2019
     Year Ended
March 31, 2018
     Period from
June 17, 2016
(inception) to
March 31, 2017
 

Balance at beginning of period

   $ 59,116      $ 39,724      $ —    

Receipt of derivative upon contribution of assets to the Joint Venture

     —          —          39,724  

Increase in fair value based on ASC 505 equity-based compensation

     20,135        24,700        —    

Settlements due to exercise of awards

     (1,297      (5,308      —    

Change in fair value following the performance completion date

     3,310        —          —    

Balance at end of period

   $ 81,264      $ 59,116      $ 39,724  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Description

   Balance at
December 31,
2019
     Quoted in
Markets
Identical
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Other Investments (see Note 11)

   $ 344,943      $ —        $ 344,943      $ —    

Dividend Receivable

     68,344        —          —          68,344  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 413,287      $ —        $ 344,943      $ 68,344  
  

 

 

    

 

 

    

 

 

    

 

 

 

Description

   Balance at
March 31,
2019
     Quoted in
Markets
Identical
(Level 1)
     Significant
Other
Observable
Inputs
(Level 2)
     Significant
Unobservable
Inputs
(Level 3)
 

Other Investments (see Note 11)

   $ —        $ —        $ —        $ —    

Dividend Receivable

     81,264        —          —          81,264  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 81,264      $ —        $ —        $ 81,264  
  

 

 

    

 

 

    

 

 

    

 

 

 
 
Reconciliation of Activity Related Other Investments

The following table presents a reconciliation of the activity related to the other investments for the nine months ended December 31, 2019:

 

     Nine Months Ended
December 31,
 
     2019      2018  

Balance at beginning of period

   $ —        $ —    

Initial investment

     278,875        —    

Proceeds from investment in securities of the Joint Venture

     (7,332      —    

Change in fair value

     73,400        —    
  

 

 

    

 

 

 

Balance at end of period

   $ 344,943      $ —