Note 5 - Marketable Securities

3 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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

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,

2017,

by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	80,210,820	$	26,863,050	$	26,147,474	$	27,200,296

 
     As of

June 

30

and

March 

31,

2017,

our marketable securities were as follows:
 

	As of June 30, 2017									As of March 31, 2017
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	78,889,603	$	181,106	$	(154,146	)	$	78,916,563	$	75,158,087	$	187,001	$	(246,935	)	$	75,098,153
Municipal bonds		1,294,939		-		(682	)		1,294,257		1,304,817		-		(214	)		1,304,603
Total	$	80,184,542	$	181,106	$	(154,828	)	$	80,210,820	$	76,462,904	$	187,001	$	(247,149	)	$	76,402,756

 
     

Thirteen

securities were in an unrealized loss position as of

June 

30,

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

June 

30

and

March 

31,

2017:

 

	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, 2017
Corporate bonds	$	41,906,105	$	(154,146	)	$	-	$	-	$	41,906,105	$	(154,146	)
Municipal bonds		1,294,257		(682	)		-		-		1,294,257		(682	)
Total	$	43,200,362	$	(154,828	)	$	-	$	-	$	43,200,362	$	(154,828	)
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	)

 
     Because we expect to recover the cost basis of investments held, we do

not

consider any of our marketable securities to be impaired as of

June 

30,

2017.