Investment Securities

12 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 3. Investment Securities

Investment securities at June 30, 2018 and 2017 consist of certificates of deposit and municipal bonds which are classified as available-for-sale securities and have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale securities by major security type at June 30, 2018 and 2017 are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
2018
Certificates of deposit	$	10,440,000	$	—	$	—		$	10,440,000
Municipal bonds		1,085,754		635		(5,683	)		1,080,706
2018 Total investment securities	$	11,525,754	$	635	$	(5,683	)	$	11,520,706
2017
Certificates of deposit	$	8,557,000	$	—	$	—		$	8,557,000
Municipal bonds		871,872		258		(2,162	)		869,968
2017 Total investment securities	$	9,428,872	$	258	$	(2,162	)	$	9,426,968

The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At June 30, 2018, the Company did not have any investments in individual securities that have been in a continuous loss position considered to be other than temporary.

As of June 30, 2018 and 2017, the remaining contractual maturities of available-for-sale securities were as follows:

	Years to Maturity
	Less than		One to
	One Year		Five Years		Total
2018
Available-for-sale	$	10,967,300	$	553,406	$	11,520,706
2017
Available-for-sale	$	8,829,542	$	597,426	$	9,426,968