Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

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Financial Instruments
9 Months Ended
Dec. 31, 2019
Stock options [Member]  
Financial Instruments

18. Financial Instruments

 

The Company's financial instruments consist principally of cash, amounts receivable, amounts in escrow, lease receivable, amounts due to related parties, accounts payable and accrued liabilities, and convertible debenture. The recorded values of these financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

The lease receivable is recorded at amortized cost, adjusted for the accretion of interest income which is accreted over the life of the lease using the effective interest method. The present value of the lease receivable represents the future contractual cash flows discounted at a rate of 5.4%.

 

The Company's derivative financial instruments that are measured and recognized at fair value as of December 31, 2019, on a recurring basis are as noted below in the fair value hierarchy:

 

    Level 1
$
    Level 2
$
    Level 3
$
 
                   
Derivative liability           445,473        
                         
Total           445,473