5. Investments

The following table provides information by level for the Company’s marketable securities that were measured at fair value on a recurring basis:



			Fair Value Measurements as of March 31, 2019 Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3
Mutual funds	$	456	$	148	$	308	$	—
Total short-term investments	$	456	$	148	$	308	$	—



			Fair Value Measurements as of June 30, 2018 Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3
Mutual funds	$	544	$	199	$	345	$	—
Total short-term investments	$	544	$	199	$	345	$	—

Effective July 1, 2018 the Company adopted the provisions of ASU 2016-01. Unrealized gains and losses of marketable securities previously recognized in other comprehensive income will now be recognized in net income as a component of other income. Upon adoption, the Company recorded a cumulative-effect reclassification adjustment of $101 from accumulated other comprehensive income to the opening balance of retained earnings as of July 1, 2018.

During the three and nine months ended March 31, 2019 and 2018, there were no purchases of marketable securities. There was $0 and $97 of marketable securities that were sold during the three and nine months ended March 31, 2019, respectively. There was $48 and $144 of marketable securities that were sold during the three and nine months ended March 31, 2018, respectively.

The Company’s marketable securities classified within Level 1 are valued using real-time quotes for transactions in active exchange markets. Marketable securities within Level 2 are valued using readily available pricing sources. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the nine months ended March 31, 2019. Any transfers between levels would be recognized on the date of the event or when a change in circumstances causes a transfer.

The Company holds an equity investment that does not have a readily determined fair value. The Company has elected to measure this investment at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is reviewed each reporting period by performing a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. As of March 31, 2019 and June 30, 2018, the carrying value of the investment was $5,593 and $2,538, respectively. During the nine months ended March 31, 2019, no impairment indicators were noted. The investment is recorded within other long term assets on the consolidated balance sheet.