v3.25.1
Note 7 - Fair Value Measurements
 12 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

7.   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 March 31, 2025, our financial assets, net, measured at fair value on a recurring basis were as follows (in thousands):

 

  

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 assets, net

 $349  $—  $—  $349 

Total

 $349  $—  $—  $349 

 

At  March 31, 2024, our financial liabilities, net, measured at fair value on a recurring basis were as follows (in thousands):

 

  

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

 $(1,612) $—  $—  $(1,612)

Total

 $(1,612) $—  $—  $(1,612)

 

At March 31, 2025 and 2024, the Company did not have any fair value measurements on a non-recurring basis.