Financial Instruments

12 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Financial Instruments

NOTE 10 - FINANCIAL INSTRUMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amount reflected in the consolidated balance sheets of financial assets and liabilities are all categorized as Level 1. They include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, which approximated their fair values due to the short term nature of these financial assets and liabilities. The carrying amount of the Company’s debt approximates its fair value based on prevailing interest rates and time to maturity.

In October 2012, the Company executed an interest rate swap obligation that was measured using observable inputs such as the LIBOR and Ten-year Treasury interest rates, and therefore has been categorized as Level 2. This derivative is not designated as a hedging instrument and has been recorded at fair value on the consolidated balance sheets. Changes in the fair value of this instrument have been recognized in the consolidated statements of operations in other income (expense). The maturity date of the swap is May 31, 2022. The following tables set forth the interest rate swap fair values at June 30, 2018 and at June 30, 2017:

	Fairvalue Measurements at Reporting Date
	(in thousands)
	Fair Value as June 30, 2018		Significant Other Observable Inputs
			(Level 2)
Assets
Interest rate swap (1)	$	84	$	84
Total	$	84	$	84

(1) Included in “Other current assets” in the Balance Sheet

	Fair value Measurements at Reporting Date
	(in thousands)
	Fair Value as of June 30, 2017		Significant Other Observable Inputs
			(Level 2)
Liabilities
Interest rate swap (2)	$	8	$	8
Total	$	8	$	8

(2) Included in “Accrued expenses” in the Balance Sheet

In connection with the sale of the Wholesale Business on August 13, 2018, the Company paid off all obligations pursuant to its outstanding interest rate swaps, and terminated its obligations thereunder.