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INVESTMENTS (Tables)
12 Months Ended
Jun. 30, 2021
Disclosure Text Block Supplement [Abstract]  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following summarizes the major categories of investments with fair values adjusted on a recurring basis as of June 30, 2021, and June 30, 2020, with fair values shown according to the fair value hierarchy.

 

   

June 30, 2021

 
           

Significant

   

Significant

         
   

Quoted Prices

   

Other

Inputs

   

Unobservable

Inputs

         

(dollars in thousands)

 

(Level 1)

   

(Level 2)

   

(Level 3)

   

Total

 

Investments carried at fair value on a recurring basis:

                               

Investments in equity securities:

                               

Equities - International

  $ 2,837     $ 135     $ 8,026     $ 10,998  

Equities - Domestic

    -       -       -       -  

Mutual funds - Fixed income

    6,322       -       -       6,322  

Mutual funds - Global equity

    938       -       -       938  

Mutual funds - Domestic equity

    -       -       -       -  

Total investments in equity securities:

  $ 10,097     $ 135     $ 8,026     $ 18,258  

Investments in debt securities:

                               

Available-for-sale - Convertible debentures

    -       -       17,049       17,049  

Total investments carried at fair value on a recurring basis:

  $ 10,097     $ 135     $ 25,075     $ 35,307  

 

   

June 30, 2020

 
           

Significant

   

Significant

         
   

Quoted Prices

   

Other

Inputs

   

Unobservable

Inputs

         

(dollars in thousands)

 

(Level 1)

   

(Level 2)

   

(Level 3)

   

Total

 

Investments carried at fair value on a recurring basis:

                               

Investments in equity securities:

                               

Equities - International

  $ 4,447     $ 32     $ -     $ 4,479  

Equities - Domestic

    -       -       -       -  

Mutual funds - Fixed income

    6,322       -       -       6,322  

Mutual funds - Global equity

    -       -       -       -  

Mutual funds - Domestic equity

    663       -       -       663  

Total investments in equity securities:

  $ 11,432     $ 32     $ -     $ 11,464  

Investments in debt securities:

                               

Available-for-sale - Convertible debentures

    -       -       -       -  

Total investments carried at fair value on a recurring basis:

  $ 11,432     $ 32     $ -     $ 11,464  

 

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table is a reconciliation of investments recorded at fair value for which unobservable inputs (Level 3) were used in determining fair value during the year ended June 30, 2021:

 

Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis

 
   

June 30, 2021

 

(dollars in thousands)

 

Investments in

equity securities

   

Investments in

debt securities

 

Beginning Balance

  $ -     $ -  

Purchases

    5,853       9,147  

Sales

    -       -  

Principal repayments

    -       (1,408 )

Amortization of Premium (investment income)

    -       (178 )

Total gains or losses (realized/unrealized)

               

Included in earnings (investment income)

    2,173       1,180  

Included in Accumulated Other Comprehensive Income (other)

    -       8,308  

Transfers into Level 3

    -       -  

Transfers out of Level 3

    -       -  

Ending Balance

  $ 8,026     $ 17,049  

 

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The Company currently considers the related fair value measurements to contain Level 3 inputs. The following is quantitative information as of June 30, 2021, with respect to the securities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3):

 

   

June 30, 2021

 

(dollars in thousands)

 

Fair Value

 

Principal Valuation Techniques

 

Unobservable Inputs

 

Investments in equity securities:

                     

Common share purchase warrants

  $ 8,026  

Option pricing model

           
             

Volatility

    88.1 %

Investments in debt securities:

                     

Available-for-sale - Convertible debentures

  $ 17,049  

Binomial lattice model

           
             

Volatility

    60.1 %
             

Credit Adjusted Discount Rate

    1.9 %

 

Unrealized Gain (Loss) on Investments [Table Text Block]

The following details the components of the Company’s equity investments carried at fair value as of June 30, 2021, and 2020.

 

   

June 30, 2021

 

(dollars in thousands)

 

Cost

   

Unrealized Gains (Losses)

   

Fair Value

 

Equity securities at fair value

                       

Equities - International

  $ 7,076     $ 3,922     $ 10,998  

Equities - Domestic

    45       (45 )     -  

Mutual funds - Fixed income

    6,313       9       6,322  

Mutual funds - Global equity

    929       9       938  

Mutual funds - Domestic equity

    -       -       -  

Total equity securities at fair value

  $ 14,363     $ 3,895     $ 18,258  

 

   

June 30, 2020

 

(dollars in thousands)

 

Cost

   

Unrealized Gains (Losses)

   

Fair Value

 

Equity securities at fair value

                       

Equities - International

  $ 5,641     $ (1,162 )   $ 4,479  

Equities - Domestic

    45       (45 )     -  

Mutual funds - Fixed income

    6,313       9       6,322  

Mutual funds - Global equity

    -       -       -  

Mutual funds - Domestic equity

    929       (266 )     663  

Total equity securities at fair value

  $ 12,928     $ (1,464 )   $ 11,464  

 

Debt Securities, Available-for-sale and Held-to-Maturity [Table Text Block]

The following details the components of the Company’s debt investments as of June 30, 2021. The Company did not have any debt investments at June 30, 2020.

 

   

June 30, 2021

 

(dollars in thousands)

 

Amortized Cost

   

Unrealized Gains in Other Comprehensive Income

   

Unrealized Losses in Other Comprehensive Income

   

Fair Value

 

Available-for-sale - Convertible debentures

  $ 8,741     $ 8,308     $ -     $ 17,049  

 

   

June 30, 2021

 

(dollars in thousands)

 

Amortized Cost

   

Gross Unrecognized Holding Gains

   

Gross Unrecognized Holding Losses

   

Fair Value

 

Held-to-maturity - Debentures

  $ 1,000     $ 3     $ -     $ 1,003  

 

Investments Classified by Contractual Maturity Date [Table Text Block]

Investments in debt securities classified as held-to-maturity are carried at amortized cost. The net carrying amount and estimated fair value of debt securities at June 30, 2021, are summarized below by contractual maturity dates. Actual maturities may differ from final contractual maturities due to principal repayment installments or prepayment rights held by issuers.

 

   

June 30, 2021

 
   

Available-for-sale

debt securities

   

Held-to-maturity

debt securities

 

(dollars in thousands)

 

Convertible

debentures (1)

   

Due after five years

through ten years

 

Net Carrying Amount

  $ 8,741     $ 1,000  

Fair Value

  $ 17,049     $ 1,003  

 

Schedule of Derivative Instruments [Table Text Block]

The following table summarizes the fair values of embedded derivatives on the Consolidated Balance Sheet, categorized by risk exposure, at June 30, 2021.

 

   

June 30, 2021

 
   

Other Assets

 

(dollars in thousands)

 

Investments in available-for-sale debt securities

 

Embedded Derivatives:

       

Equity price risk exposure

  $ 2,542  

 

Equity Securities without Readily Determinable Fair Value [Table Text Block]

The carrying value of equity securities without readily determinable fair values has been adjusted as follows:

 

   

Year Ended June 30,

 

(dollars in thousands)

 

2021

   

2020

 

Carrying amount, beginning of period

  $ 1,283     $ 1,404  

Adjustments:

               

Purchases

    863       125  

Reclassification to securities at fair value

    (187 )     -  

Impairments

    (6 )     (285 )

Other downward adjustments

    (158 )     (124 )

Upward adjustments

    1,658       163  

Carrying amount, end of period

  $ 3,453     $ 1,283  

 

Gain (Loss) on Securities [Table Text Block]

The following summarizes investment income (loss) reflected in earnings from continuing operations for the periods presented.

 

(dollars in thousands)

 

Year Ended June 30,

 

Investment Income (Loss)

 

2021

   

2020

 

Unrealized gains (losses) on fair valued securities

  $ 8,479     $ (2,011 )

Unrealized gains on equity securities without readily determinable fair values

    1,430       -  

Realized gains on sales of fair valued securities

    16,572       -  

Realized gains on principal payment proceeds

    1,180       -  

Realized gain on sale of subsidiary

    -       151  

Realized foreign currency gains (losses)

    219       (232 )

Impairments in equity investments that do not have readily determinable fair values

    (6 )     (285 )

Dividend and interest income

    464       166  

Total Investment Income (Loss)

  $ 28,338     $ (2,211 )