Investment Securities

12 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 4. Investment Securities

Investment securities at June 30, 2021 consist of certificates of deposit and at June 30, 2020 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, 2021 and June 30, 2020 are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
2021
Certificates of deposit	$	3,092,000	$	—	$	—		$	3,092,000
Municipal bonds		—		—		—			—
2021 Total investment securities	$	3,092,000	$	—	$	—		$	3,092,000
2020
Certificates of deposit	$	4,679,847	$	—	$	—		$	4,679,847
Municipal bonds		462,618		1,243		(2,188	)		461,673
2020 Total investment securities	$	5,142,465	$	1,243	$	(2,188	)	$	5,141,520

The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At June 30, 2021, 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, 2021 and 2020, the remaining contractual maturities of available-for-sale securities were as follows:

	Years to Maturity
	Less than		One to
	One Year		Five Years		Total
2021
Available-for-sale	$	3,092,000	$	—	$	3,092,000
2020
Available-for-sale	$	5,141,520	$	—	$	5,141,520