INVESTMENTS

9 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

Investments at March 31, 2016 consisted of the following: 

Investment Income

Investment income consists of interest income, realized gains, and realized losses on the Company’s cash, cash equivalents and marketable securities. The components of investment income are presented below:

	Three Months Ended March 31,					Nine Months Ended March 31,
	2016			2015		2016			2015
Interest income	$	7,023		$	2,698	$	45,140		$	9,867
Realized gains		313			—		1,101			—
Realized losses		(26,997	)		—		(27,229	)		—
Total investment income	$	(19,661	)	$	2,698	$	19,012		$	9,867

Reclassification adjustments out of accumulated other comprehensive loss into net income (loss) were $26,684  and $0 for the three and $26,128  and $0 for the nine months ended March 31, 2016 and 2015 , respectively.

Investments classified as marketable securities	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate Bonds	$	-	$	-	$	-	$	-
Investments classified as equity method investments	$	470,584	$	-	$	-	$	470,584
Investments classified as available-for-sale	$	1,000	$	-	$	-	$	1,000

The contractual maturities of the marketable securities are 1-5 years as of March 31, 2016.  The Company accounts for its marketable securities portfolio as available for sale investments.  All marketable securities are recorded as current regardless of contractual maturities.   All other securities are recorded long-term.

        All of the Company’s fair value measurements for cash equivalents and marketable securities are classified within Level 1 because the Company’s cash equivalents and marketable securities are valued using quoted market prices. Long-term investments are classified within Level 3, as the fair value in not easily determinable. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1.   Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2.   Other inputs that are directly or indirectly observable in the marketplace.

Level 3.   Unobservable inputs which are supported by little or no market activity.