4.	Cash Equivalents and Marketable Securities

Cash equivalents are short-term, highly liquid investments with original or remaining maturity dates of three months or less at the date of acquisition. Cash equivalents are carried at cost plus accrued interest, which approximates fair market value. As of April 30, 2016 and July 31, 2015, aggregate cash and cash equivalents consisted of (in thousands):


April 30, 2016:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Cash and cash equivalents	$	3,993	$	—	$	—	$	3,993

Total	$	3,993	$	—	$	—	$	3,993


July 31, 2015:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Cash and cash equivalents	$	10,943	$	—	$	—	$	10,943

Total	$	10,943	$	—	$	—	$	10,943