Note 8 - Other Assets

9 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Other Assets Disclosure [Text Block]

NOTE 8. OTHER ASSETS

Other Current Assets

Other current assets totaling

$384,758

 as of 

March 31, 2020

and

$546,105

as of 

June 30, 2019

are comprised of various components as listed below.

	As of March 31, 2020		As of June 30, 2019
Deposits and prepaid expenses	$	345,804	$	462,215
Other current assets		38,954		83,890
Total	$	384,758	$	546,105

Investments

Wainwright, from time to time, provides initial investments in the creation of ETP funds that Wainwright manages. Wainwright classifies these investments as current assets as these investments are generally sold within

one

year from the balance sheet date. As of 

March 31, 2020

and 

June 30, 2019

we have

no

such investments. Investments in which

no

controlling financial interest or significant influence exists are recorded at fair value included in comprehensive income (loss) through 

June 30, 2019

and subsequently through earnings in accordance with ASU

2016

-

01.

As of

March 31, 2020

and

June 30, 2019

, investments were approximately

$3.8

 million. Investments in which

no

controlling financial interest exists, but significant influence exists are recorded as per the equity method of investment accounting. As of 

March 31, 2020

and 

June 30, 2019

, there were

no

investments requiring the equity method investment accounting.

All of the Company's short-term investments are Level

1

as of

March 31, 2020

and

June 30, 2019.

Investments measured at estimated fair value consist of the following as of 

March 31, 2020

and 

June 30, 2019

:

	March 31, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	2,045,750	$	-	$	-		$	2,045,750
Other short term investments		750,502		-		-			750,502
Other equities		1,001,621		-		(32,768	)		968,853
Total short-term investments	$	3,797,873	$	-	$	(32,768	)	$	3,765,105

	June 30, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	3,005,182	$	-	$	-		$	3,005,182
Other short term investments		749,988		-		(739	)		749,249
Other equities		3,421		-		(1,256	)		2,165
Total short-term investments	$	3,758,591	$	-	$	(1,995	)	$	3,756,596

During the

nine

months ended

March 31, 2020

and

2019

, there were

no

transfers between Level

1

and Level

2.

Restricted Cash

At

March 31, 2020

and 

June 30, 2019

, Gourmet Foods had on deposit approximately

NZ

$20,000

(approximately

US$12,016

and

US$13,436,

respectively, after currency translation) securing a lease bond for

one

of its properties. The cash securing the bond is restricted from access or withdrawal so long as the bond remains in place.

Long - Term Assets

Other long term assets totaling

$523,607

as of

March 31, 2020

and 

June 30, 2019

, respectively, were attributed to Wainwright and Original Sprout and consisted of

(i)

$514,435 as of March 31, 2020 and  June 30, 2019 representing 10% equity investment in a registered investment adviser accounted for on a cost basis, minus impairment, as $500,980, and $13,455 representing deposits and prepayments. The 10% equity investment is carried at cost basis, minus impairment, which we believe approximates fair value, given the lack of observable price changes in orderly transactions. There was no impairment recorded for the nine months ended March 31, 2020 or 2019.

(ii)

and $9,172  as of March 31, 2020 and  June 30, 2019 representing deposits and prepayments of rent.