Marketable Securities

12 Months Ended

Mar. 31, 2014

Marketable Securities [Abstract]

Marketable Securities

NOTE 4. MARKETABLE SECURITIES
Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of March 31, 2014, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	94,382,401	$	12,360,091	$	41,463,622	$	40,558,688

As of March 31, 2014 and 2013 our marketable securities were as follows:

	As of March 31, 2014									As of March 31, 2013
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	88,567,210	$	1,613,822	$	(246,973	)	$	89,934,059	$	72,923,502	$	2,378,845	$	(4,187	)	$	75,298,160
Municipal bonds	4,436,430		16,521		(4,609		)	4,448,342		7,381,223		81,058		(9,155		)	7,453,126
Total	$	93,003,640	$	1,630,343	$	(251,582	)	$	94,382,401	$	80,304,725	$	2,459,903	$	(13,342	)	$	82,751,286

The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of March 31, 2014 and 2013:

		Less Than 12 Months					12 Months or Greater				Total
		Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses		Fair Market Value		Gross Unrealized Losses
As of March 31, 2014
	Corporate bonds	$	34,761,683	$	(246,973	)	$	-	$	-	$	34,761,683	$	(246,973	)
	Municipal bonds	1,418,742		(4,609		)	-		-		1,418,742		(4,609		)
	Total	$	36,180,425	$	(251,582	)	$	-	$	-	$	36,180,425	$	(251,582	)
As of March 31, 2013
	Corporate bonds	$	1,171,976	$	(4,187	)	$	-	$	-	$	1,171,976	$	(4,187	)
	Municipal bonds	508,607		(9,155		)	-		-		508,607		(9,155		)
	Total	$	1,680,583	$	(13,342	)	$	-	$	-	$	1,680,583	$	(13,342	)

Gross unrealized losses totaled $251,582 as of March 31, 2014, and were attributed to 11 corporate bonds and one municipal bond out of a portfolio of 41 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased, and none had been in a continuous unrealized loss position for 12 months or greater. All of the bonds we held were rated by Moody's or Standard and Poor's and had investment-grade credit ratings. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating. Because we expect to recover the entire cost basis of the securities, and because we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery of the cost basis, which may be maturity, we did not consider any of our marketable securities to be other-than-temporarily impaired at March 31, 2014.