Marketable Securities

3 Months Ended

Jun. 30, 2014

Marketable Securities [Abstract]

Marketable Securities

NOTE 5. 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 June 30, 2014, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	96,936,178	$	10,743,412	$	38,767,487	$	47,425,279

As of June 30 and March 31, 2014, our marketable securities were as follows:

	As of June 30, 2014									As of March 31, 2014
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	92,984,777	$	1,589,079	$	(71,192	)	$	94,502,664	$	88,567,210	$	1,613,822	$	(246,973	)	$	89,934,059
Municipal bonds	2,423,672		9,842		-			2,433,514		4,436,430		16,521		(4,609		)	4,448,342
Total	$	95,408,449	$	1,598,921	$	(71,192	)	$	96,936,178	$	93,003,640	$	1,630,343	$	(251,582	)	$	94,382,401

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 June 30 and March 31, 2014:

		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 June 30, 2014
	Corporate bonds	$	9,532,027	$	(39,633	)	$	5,399,368	$	(31,559	)	$	14,931,395	$	(71,192	)
	Municipal bonds	-		-			-		-			-		-
	Total	$	9,532,027	$	(39,633	)	$	5,399,368	$	(31,559	)	$	14,931,395	$	(71,192	)
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	)

Gross unrealized losses totaled $71,192 as of June 30, 2014, and were attributed to five corporate bonds out of a portfolio of 41 bonds. The gross unrealized losses were due to market-price decreases.

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. Two corporate bonds, with a total fair market value of $5,399,368, had been in continuous unrealized loss positions for 12 months or greater. For these securities, we also considered the severity of the gross unrealized loss, which was less than 1% of adjusted cost for each security.

Because we expect to recover the entire cost basis of each of the securities we hold, 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 June 30, 2014.