Investment Securities

12 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Note 4. Investment Securities

Investment securities at June 30, 2020 and 2019 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, 2020 and 2019 are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
2020
Certificates of deposit	$	4,679,847	$	—	$	—		$	4,679,847
Municipal bonds		462,618		1,243		(2,188	)		461,673
2020 Total investment securities	$	5,142,465	$	1,243	$	(2,188	)	$	5,141,520
2019
Certificates of deposit	$	5,046,627	$	—	$	—		$	5,046,627
Municipal bonds		636,269		1,576		(232	)		637,613
2019 Total investment securities	$	5,682,896	$	1,576	$	(232	)	$	5,684,240

The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At June 30, 2020, 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, 2020 and 2019, the remaining contractual maturities of available-for-sale securities were as follows:

	Years to Maturity
	Less than		One to
	One Year		Five Years		Total
2020
Available-for-sale	$	5,141,520	$	—	$	5,141,520
2019
Available-for-sale	$	5,549,460	$	134,780	$	5,684,240