Note 6 - Cash, Cash Equivalents and Marketable Securities Recorded at Fair Value

9 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

NOTE 6 – CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES RECORDED AT FAIR VALUE

All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and re-evaluates the available-for-sale designations as of each balance sheet date. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term.

Available-for-sale securities are recorded at market value. Unrealized holding gains and losses, net of the related income tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate component of shareholders’ equity until realized. Dividend and interest income are recognized when earned. Realized gains and losses for securities classified as available-for-sale are included in earnings when the underlying securities are sold and are derived using the specific identification method for determining the cost of securities sold. Realized loss on marketable securities for the nine months ended March 31, 2015 was $9,000 and for the nine months ended March 31, 2014 there was no loss.

The following tables summarize the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short-term marketable securities as of March 31, 2015 and June 30, 2014 (in thousands):

	March 31, 2015
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash & Cash Equivalents		Short-term Marketable Securities
Level 1:
Cash		820		-		-		820		820		-
Money Market Funds		4,633		-		-		4,633		4,633		-
Total	$	5,453	$	-	$	-	$	5,453	$	5,453	$	-

	June 30, 2014
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash & Cash Equivalents		Short-term Marketable Securities
Level 1:
Cash		617		-		-		617		617		-
Money Market Funds		4,845		-		-		4,845		4,845		-
Subtotal	$	5,462	$	-	$	-	$	5,462	$	5,462	$	-
Level 2:
U.S. Agency Securities		332		-		-		332		-		332
Corporate securities		1,354		1		-		1,355		-		1,355
Municipal securities		76		-		-		76		-		76
Subtotal	$	1,762	$	1	$	-	$	1,763		-	$	1,763
Total	$	7,224	$	1	$	-	$	7,225	$	5,462	$	1,763