Marketable Securities

9 Months Ended

Apr. 30, 2012

Marketable Securities Disclosure [Text Block]

5.	Marketable Securities:
	The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders’ equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading during the nine months ended April 30, 2012 and April 30, 2011. The Company did not have any assets valued using Level 2 or 3 valuation methods during the nine months ended April 30, 2012 and as of July 31, 2011.
	In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets presented at fair value at April 30, 2012 and July 31, 2011.

	Fair value measurements at reporting date using
			Quoted prices in active markets for identical assets/liabilities		Significant other observable inputs		Significant unobservable inputs				Quoted prices in active markets for identical assets/liabilities		Significant other observable inputs		Significant unobservable inputs
Description	April 30 2012		(Level 1)		(Level 2)		(Level 3)		July 31 2011		(Level 1)		(Level 2)		(Level 3)
Assets:
Marketable securities -
available-for-sale	$	2,223,697	$	2,223,697	$	—	$	—	$	1,332,460	$	1,332,460	$	—	$	—
held-to-maturity		230,012		230,012		—		—		575,937		575,937		—		—
	$	2,453,709	$	2,453,709	$	—	$	—	$	1,908,397	$	1,908,397	$	—	$	—

As of April 30, 2012 and July 31, 2011, the Company’s marketable securities were classified as follows:

	April 30, 2012								July 31, 2011
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Current:
Held-to-maturity:
Certificate of deposit	$	50,222	$	—	$	—	$	50,222	$	50,157	$	—	$	—	$	50,157
Corporate debt securities		150,181		1,268		—		151,449		568,939		7,072		74		575,937
	$	200,403	$	1,268	$	—	$	201,671	$	619,096	$	7,072	$	74	$	626,094
Noncurrent:
Available-for-sale:
Mutual funds	$	1,253,169	$	136,802	$	—	$	1,389,971	$	1,031,793	$	107,627	$	—	$	1,139,420
Equity securities		710,255		130,974		7,503		833,726		110,252		82,788		—		193,040
	$	1,963,424	$	267,776	$	7,503	$	2,223,697	$	1,142,045	$	190,415	$	—	$	1,332,460
Held-to-maturity:
Corporate debt securities	$	76,432	$	2,131	$	—	$	78,563	$	—	$	—	$	—	$	—

The Company’s debt and equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position, at April 30, 2012, are as follows.

	Fair Value		Less Than 12 Months		More Than 12 Months
Equity securities	$	91,409	$	7,503	$	—

Investment income consists of the following:

	Three Months Ended April 30					Nine Months Ended April 30
	2012			2011		2012			2011
Loss on sale of marketable securities	$	(2,500	)	$	—	$	(16,732	)	$	—
Interest income		(1,031	)		8,299		7,321			36,600
Dividend income		8,490			12,134		32,587			37,193
Total	$	4,959		$	20,433	$	23,176		$	73,793