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NOTE 5. MARKETABLE SECURITIES
 3 Months Ended
Jun. 30, 2025
Notes  
NOTE 5. MARKETABLE SECURITIES

NOTE 5. MARKETABLE SECURITIES

The following table shows the major categories of our marketable securities and their contractual maturities as of June 30, 2025:

 

 

Total

 

<1 Year

 

1–3 Years

 

3–4 Years

 

Money market funds

 

$

2,782,189

 

$

2,782,189

 

$

-

 

$

-

 

Treasury securities

 

 

4,722,215

 

 

-

 

 

4,722,215

 

 

-

 

Corporate bonds

 

 

39,575,959

 

 

12,607,242

 

 

20,000,771

 

 

6,967,946

 

Total

 

$

47,080,363

 

$

15,389,431

 

$

24,722,986

 

$

6,967,946

 

 

Total marketable securities and money market funds represented approximately 74% of our total assets as of June 30, 2025. Marketable securities as of June 30, 2025, had remaining maturities between two and 46 months.

 

Money market funds are included on the balance sheets in “Cash and cash equivalents.” Corporate bonds are included in “Marketable securities, short term” and “Marketable securities, long term.” Treasury securities are included in “Marketable securities, long term.” Accrued interest receivables were $455,810 as of June 30, 2025, and $340,241 as of March 31, 2025, and are included in the balance sheets in “Prepaid expenses and other assets.”

 

We monitor the credit ratings of our marketable securities at least quarterly as reported by Standard & Poor’s. The following table summarizes the fair values of our marketable securities as of June 30, 2025, aggregated by credit rating:

 

Credit Rating

 

Fair Value

AAA

$

7,504,403

AA+

 

3,931,449

AA

 

4,869,192

AA-

 

17,686,530

A+

 

13,088,789

Total

$

47,080,363

 

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

 

 

 

As of June 30, 2025

 

 

As of March 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Total

Money market funds

 

$

2,782,189

 

 

$

-

 

 

$

2,782,189

 

 

$

7,905,042

 

 

$

-

 

 

$

7,905,042

Treasury securities

 

 

-

 

 

 

4,722,215

 

 

 

4,722,215

 

 

 

-

 

 

 

4,715,238

 

 

 

4,715,238

Corporate bonds

 

 

-   

 

 

 

39,575,959

 

 

 

39,575,959

 

 

 

-   

 

 

 

35,280,978

 

 

 

35,280,978

Total

 

$

2,782,189

 

 

$

44,298,174

 

 

$

47,080,363

 

 

$

7,905,042

 

 

$

39,996,216

 

 

$

47,901,258

Our available-for-sales securities as of June 30 and March 31, 2025, aggregated into classes of securities, were as follows:

 

 

 

As of June 30, 2025

 

 

As of March 31, 2025

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

Money market funds

 

$

2,782,189

 

 

$

-

 

 

$

-

 

 

$

2,782,189

 

 

$

7,905,042

 

 

$

-

 

 

$

-

 

 

$

7,905,042

Treasury securities

 

 

4,699,728

 

 

 

22,487

 

 

 

-

 

 

 

4,722,215

 

 

 

4,699,686

 

 

 

15,552

 

 

 

-

 

 

 

4,715,238

Corporate bonds

 

 

39,589,717

 

 

 

93,290

 

 

 

(107,048

)

 

 

39,575,959

 

 

 

35,384,272

 

 

 

55,858

 

 

 

(159,152

)

 

 

35,280,978

Total

 

$

47,071,634

 

 

$

115,777

 

 

$

(107,048

)

 

$

47,080,363

 

 

$

47,989,000

 

 

$

71,410

 

 

$

(159,152

)

 

$

47,901,258

 

The following table shows the gross unrealized holding losses and estimated fair value of our marketable securities, aggregated by category of securities and length of time that individual securities had been in a continuous unrealized loss position as of June 30 and March 31, 2025.

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

Estimated

Fair

Value

 

 

Gross

Unrealized

Holding

Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

13,470,630

 

 

$

(42,269

)

 

$

16,117,601

 

 

$

(64,779

)

 

$

29,588,231

 

 

$

(107,048

)

Total

 

$

13,470,630

 

 

$

(42,269

)

 

$

16,117,601

 

 

$

(64,779

)

 

$

29,588,231

 

 

$

(107,048

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

7,323,059

 

 

$

(31,808

)

 

$

21,020,717

 

 

$

(127,344

)

 

$

28,343,776

 

 

$

(159,152

)

Total

 

$

7,323,059

 

 

$

(31,808

)

 

$

21,020,717

 

 

$

(127,344

)

 

$

28,343,776

 

 

$

(159,152

)

 

None of the securities were impaired at acquisition, and subsequent declines in fair value are attributable to interest rate increases. We do not intend to sell, and it is not more likely than not that we will be required to sell, these securities before recovery of their amortized cost basis. The issuers continue to make timely interest payments on these securities.

 

Unrealized gains on our marketable securities and their tax effects are as follows:

 

 

 

Quarter Ended June 30,

 

 

 

2025

 

 

2024

 

Unrealized gain on marketable securities

 

$

96,471

 

 

$

36,751

 

Tax effects

 

 

(21,109

)

 

 

(8,041

) 

Unrealized gain on marketable securities, net of tax

 

$

75,362

 

 

$

28,710