v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Jun. 30, 2026
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

8.FAIR VALUE MEASUREMENTS

The accounting standards regarding the fair value of financial instruments and related fair value measurements define financial instruments and require disclosure of the fair value of financial instruments held by the Company. ASC 820-10, Fair Value Measurements, defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement, and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

●Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
●Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
●Level 3 – Inputs to valuation methodology are unobservable and significant to the fair value.

The carrying amounts of our financial instruments, including cash, cash equivalents, accounts payable, and accrued expenses approximate fair value because of their generally short maturities. The Company’s financial instruments are measured at amortized cost when the fair value option is not elected.

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2026 and March 31, 2026:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Fair Value Measurement as of June 30, 2026

Description

​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Derivative Component of Convertible Debenture – 2026 Notes

​

$

—

​

$

—

​

$

263,000

​

$

263,000

Derivative Component of Convertible Debenture – 2025 Notes

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Fair Value Measurement as of March 31, 2026

Description

​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Derivative Component of Convertible Debenture – 2025 Notes

​

$

—

​

$

—

​

$

309,000

​

$

309,000

​

The Company assesses the inputs used to measure fair value using the three-tier hierarchy based on the extent that the inputs are observable in the market. For instruments for which little or no public market exists, management’s determination of fair value is based on the best available information, which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the Company’s securities, and liquidity risks. There were no transfers into or out of Level 3 during the three months ended June 30, 2026 or during the year ended March 31, 2026.

The following table sets forth a summary of changes in the fair value of our Level 3 financial instrument liabilities for the three months ended June 30, 2026. We had no Level 3 financial instrument liabilities during the three months ended June 30, 2025.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Level 3

​

Additions

​

​

​

​

​

​

​

Level 3

​

​

Balance at

​

to

​

​

​

​

​

​

​

Balance at

​

​

Beginning of

​

Derivative

​

Conversions

​

Fair Value

​

the End of

Three months ended June 30, 2026

  ​ ​ ​

period

  ​ ​ ​

Liabilities

  ​ ​ ​

to Equity

  ​ ​ ​

Adjustments 

  ​ ​ ​

Period

Derivative Component of Convertible Debenture – 2026 Notes

​

$

—

​

$

309,000

​

$

—

​

$

(46,000)

​

$

263,000

Derivative Component of Convertible Debenture – 2025 Notes

​

 

309,000

​

 

—

​

 

(204,365)

​

 

(104,635)

​

 

—

Total

​

$

309,000

​

$

309,000

​

$

(204,365)

​

$

(150,635)

​

$

263,000

​