Note 4 - Marketable Securities

12 Months Ended

Mar. 31, 2017

Notes to Financial Statements

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

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,

2017,

by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	76,402,756	$	19,591,833	$	33,461,493	$	23,349,430

 
     As of

March

 

31,

2017

and

2016

our marketable securities were as follows:

	As of March 31, 2017									As of March 31, 2016
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	75,158,087	$	187,001	$	(246,935	)	$	75,098,153	$	83,339,487	$	717,206	$	(10,824	)	$	84,045,869
Municipal bonds		1,304,817		-		(214	)		1,304,603		1,344,328		2,522		-			1,346,850
Total	$	76,462,904	$	187,001	$	(247,149	)	$	76,402,756	$	84,683,815	$	719,728	$	(10,824	)	$	85,392,719

    

Ten

securities were in an unrealized loss position as of

March

 

31,

2017.

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,

2017

and

2016:

	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, 2017
Corporate bonds	$	32,198,766	$	(246,935	)	$	-	$	-		$	32,198,766	$	(246,935	)
Municipal bonds		1,304,603		(214	)		-		-			1,304,603		(214	)
Total	$	33,503,369	$	(247,149	)	$	-	$	-		$	33,503,369	$	(247,149	)
As of March 31, 2016
Corporate bonds	$	3,003,606	$	(6,703	)	$	2,599,870	$	(4,121	)	$	5,603,476	$	(10,824	)
Municipal bonds		-		-			-		-			-		-
Total	$	3,003,606	$	(6,703	)	$	2,599,870	$	(4,121	)	$	5,603,476	$	(10,824	)

 
      Gross unrealized losses totaled

$247,149

as of

March

 

31,

2017,

and were attributed to

nine

corporate bonds and a municipal bond out of a portfolio of

23

 bonds. The gross unrealized losses were due to market-price decreases after the bonds were purchased.

    

 None

of our securities had been in continuous unrealized loss positions for

12

 months or greater. All of the bonds we held had investment-grade credit ratings by Moody’s or Standard and Poor’s. Because we expect to recover the cost basis of investments held, we do

not

consider any of our marketable securities to be other-than-temporarily impaired as of

March

 

31,

2017.