Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Note 23 - Determination of Fair Values

Note 23 - Determination of Fair Values
12 Months Ended
Mar. 31, 2019
Statement Line Items [Line Items]  
Disclosure of fair value measurement [text block]
Determination of fair values:
Certain of the Corporation’s accounting policies and disclosures require the determination of fair value, for both financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods.
Financial assets and liabilities:
In establishing fair value, the Corporation uses a fair value hierarchy based on levels as defined below:
defined as observable inputs such as quoted prices in active markets.
defined as inputs other than quoted prices in active markets that are either directly or indirectly observable.
defined as inputs that are based on little or
observable market data, therefore requiring entities to develop their own assumptions.
The Corporation has determined that the carrying values of its short-term financial assets and liabilities (cash and cash equivalents, marketable securities and trade and other payables) approximate their fair value given the short-term nature of these instruments. The fair value of the liability component of the convertible debenture is determined by discounting future cash flows using a rate that the Corporation could obtain for loans with similar terms, conditions and maturity dates. The fair value of this liability at
March 31, 2019
approximates the carrying amount and was measured using level
Derivative warrant liabilities:
The Corporation measured its derivative warrant liabilities at fair value on a recurring basis. These financial liabilities were measured using level
As at
March 31, 2019,
the effect of an increase or a decrease of
of the volatility used, which is the significant unobservable input in the fair value estimate, would result in a loss of
or a gain of
As at
March 31, 2019,
the effect of a
strengthening of the US dollar, would result in a loss of
An assumed
weakening of the foreign currency would have an equal but opposite effect on the basis that all other variables remained constant.