Note I - Fair Value Measurements

3 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE I — FAIR VALUE MEASUREMENTS

Accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows:

● Level 1 – Quoted prices for identical assets and liabilities in active markets.

● Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly.

● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

Recurring Fair Value Measurements

At  June 30, 2021, our financial liabilities, net, measured at fair value on a recurring basis were as follows:

	Quoted Prices
	in Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
	(Level 1)			(Level 2)		(Level 3)		Total
Commodity futures – financial liabilities, net	$	(26,967,380	)	$	—	$	—	$	(26,967,380	)
Total	$	(26,967,380	)	$	—	$	—	$	(26,967,380	)

At  March 31, 2021, our financial liabilities, net, measured at fair value on a recurring basis were as follows:

	Quoted Prices
	in Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs
	(Level 1)			(Level 2)		(Level 3)		Total
Commodity futures – financial liabilities, net	$	(7,407,400	)	$	—	$	—	$	(7,407,400	)
Total	$	(7,407,400	)	$	—	$	—	$	(7,407,400	)

At  June 30, 2021 and  March 31, 2021, the Company did not have any fair value measurements on a non-recurring basis.