Note 3 - Investments in Securities

12 Months Ended

Mar. 31, 2018

Notes to Financial Statements

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

3. INVESTMENTS IN SECURITIES

Marketable securities at

March 31, 2018

consisted of investments in publicly traded companies with a fair value of

$7,861,000,

an aggregate net cost basis of

$6,463,000,

gross unrealized gains aggregating

$1,467,000

and gross unrealized losses aggregating

$69,000.

Marketable securities at

March 31, 2017

consisted of investments with a fair market value of

$4,594,000,

an aggregate cost basis of

$4,331,000,

gross unrealized gains aggregating

$279,000

and gross unrealized losses aggregating

$16,000.

Securities that had been in a continuous unrealized loss position for less than

12

months as of

March 31, 2018

had an aggregate fair value and unrealized loss of

$1,063,000

and

$69,000,

respectively (

$441,000

and

$16,000,

respectively, at

March 31, 2017).

As of

March 31, 2018,

and

2017,

none

of the Company’s investments in securities have been in a continuous loss for more than

12

months. The Company realized gains of

$93,000

and

$576,000

from the sale of securities during the years ended

March 31, 2018

and

March 31, 2017,

respectively.

At

March 31, 2017,

the Company held approximately

1.65

million shares of common stock of Insignia Systems, Inc. (NASDAQ: ISIG) (“Insignia”). On the basis of its

June 30, 2016

and

March 31, 2017

assessments, the Company concluded that it had suffered an other-than-temporary impairment in its investment in the common stock of Insignia totaling

$2,643,000.

On

January 6, 2017,

Insignia paid a special dividend of

$0.70

per share to stockholders owning Insignia shares on that date. The receipt of such special dividend is included in the other investment income (loss) in the Company’s consolidated statements of income (loss) for the fiscal year ended

March 31, 2017.

On the basis of its

June 30, 2017

assessments, the Company concluded that it had suffered an “other-than-temporary” impairment in its investment in the common stock of Insignia totaling

$771,000.

The Company’s cost basis in the Insignia investment was lowered to

$1,724,000

at

June 30, 2017

to reflect the impairment charge.

On

January 16, 2018,

the Company purchased approximately

1,133,000

shares of Insignia. After this purchase, the Company owned approximately

26%

of Insignia’s total common stock and thus, Insignia became an equity method investment. See discussion in Note

4.

At

March 31, 2018,

the Company held

456,206

shares of common stock of Oxbridge Re Holdings Limited (NASDAQ: OXBR) (“Oxbridge”). On the basis of its

December 31, 2017

“other-than-temporary” impairment assessment, the Company concluded that it had suffered an other-than-temporary impairment in its investment in the common stock of Oxbridge. The Company’s cost basis in its Oxbridge investment was lowered from

$1,516,000

to

$727,000

at

December 31, 2017

which represents an other-than temporary impairment of

$789,000.