Marketable Securities

6 Months Ended

Sep. 30, 2014

Marketable Securities [Abstract]

Marketable Securities

NOTE 5. MARKETABLE SECURITIES
All of our marketable securities are classified as available-for-sale. 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 September 30, 2014, by maturity, were as follows:

Total		<1 Year		1-3 Years		3-5 Years
$	99,176,144	$	14,624,615	$	46,756,649	$	37,794,880

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

	As of September 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	$	95,870,410	$	1,137,401	$	(252,010	)	$	96,755,801	$	88,567,210	$	1,613,822	$	(246,973	)	$	89,934,059
Municipal bonds	2,413,675		6,668		-			2,420,343		4,436,430		16,521		(4,609		)	4,448,342
Total	$	98,284,085	$	1,144,069	$	(252,010	)	$	99,176,144	$	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 September 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 September 30, 2014
	Corporate bonds	$	29,377,477	$	(172,907	)	$	8,368,641	$	(79,103	)	$	37,746,118	$	(252,010	)
	Municipal bonds	-		-			-		-			-		-
	Total	$	29,377,477	$	(172,907	)	$	8,368,641	$	(79,103	)	$	37,746,118	$	(252,010	)
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 $252,010 as of September 30, 2014, and were attributed to 12 corporate bonds out of a portfolio of 40 bonds. The gross unrealized losses were due to market-price decreases and rating downgrades after the bonds were purchased.

All of the bonds we held had investment-grade credit ratings by Moodys or Standard and Poors. 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.

Three corporate bonds, with a total fair market value of $8,368,641, had been in continuous unrealized loss positions for 12 months or greater. For these securities, we also considered the severity of unrealized losses, which was less than 1% of adjusted cost for each security.

Because we expect to recover the costs basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired at September 30, 2014.