Investment Securities

12 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 3. Investment Securities

Investment securities at June 30, 2016 and June 30, 2015 consist of certificates of deposit and municipal bonds which are classified as available-for-sale securities and have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale securities by major security type at June 30, 2016 and June 30, 2015 are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
2016
Certificates of deposit	$	4,871,000	$	—	$	—		$	4,871,000
Municipal bonds		707,593		1,466		—			709,059
2016 Total investment securities	$	5,578,593	$	1,466	$	—		$	5,580,059
2015
Certificates of deposit	$	3,272,000	$	—	$	—		$	3,272,000
Municipal bonds		893,804		1,288		(8,035	)		887,057
2015 Total investment securities	$	4,165,804	$	1,288	$	(8,035	)	$	4,159,057

The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At June 30, 2016, the Company did not have any investments in individual securities that have been in a continuous loss position considered to be other than temporary.

As of June 30, 2016 and June 30, 2015, the contractual maturities of available-for-sale securities were as follows:

	Years to Maturity
	Less than		One to
	One Year		Five Years		Total
2016
Available-for-sale	$	4,811,511	$	768,548	$	5,580,059
2015
Available-for-sale	$	3,522,728	$	636,329	$	4,159,057