SECURITIES AVAILABLE FOR SALE

6 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 5 – SECURITIES AVAILABLE FOR SALE

Securities available for sale consist of the following:

	September 30, 2014
	Amortized		Unrealized		Unrealized		Market		Average
	Cost		Gains		Losses		Value		Duration (1)
Corporate bonds	$	1,681,193		10,186		(11,557)		1,679,822		4.36
Corporate notes		563,937				(5,252)		558,686		3.57
Total debt securities	$	2,245,131		10,186		(16,809)		2,238,508

	March 31, 2014
	Amortized		Unrealized		Unrealized		Market		Average
	Cost		Gains		Losses		Value			Duration (1)
Corporate bonds	$	1,786,057	$	23,069	$	(26,346)		1,782,780			2.56
Corporate notes		998,750		-		(23,750)		975,000			3.56
Variable rate notes		1,943,785		21,080		(60,625)		1,904,240			Perpetual
Total debt securities	$	4,728,592	$	44,149	$	(110,721)	$	4,662,020

(1) Average remaining duration to maturity, in years

All securities were classified as available for sale as of each date presented.

The following table shows the gross unrealized losses and fair value of the Company’s investments, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, as of September 30, 2014:

	Less than 1 year				1 Year or More				Total
	Market		Unrealized		Market		Unrealized		Market		Unrealized
	Value		Losses		Value		Losses		Value		Loss
Corporate bonds	$	138,732		(2,379)		740,801		(9,178)		879,532		(11,557)
Corporate notes						558,686		(5,252)		558,686		(5,252)
Total debt securities	$	138,732		(2,379)		1,299,486		(14,429)		1,438,218		(16,809)

Declines in the fair value of available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses, management considers, among other things: (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition and near-term prospects of the issuer; and (iii) the intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery of cost.

There were 19 securities in an unrealized loss position at September 30, 2014. Management does not intend to sell any of the securities classified as available for sale which have unrealized losses and believes that it is not likely that the Company will have to sell any such securities before a recovery of cost. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased and are not the result of deteriorated credit quality. The fair value is expected to recover as the bonds approach their maturity or re-pricing date or if market yields for such investments decline. Management does not believe such securities are other-than-temporarily impaired due to reasons of credit quality.

Investment securities with a book value of $4,788,543 were sold during the six months ended September 30, 2014. The Company recognized a loss of $56,677 on the sale of those securities.