Fair Value Measurements

3 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 8 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s financial instruments not required to be carried at fair value on a recurring basis approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows:

As of	September 30, 2020		June 30, 2020
Assets:	Total - Level 1		Total - Level 1
Investment in marketable securities:
REITs and real estate companies	$	4,353,000	$	2,365,000
Energy		999,000		767,000
Basic material		987,000		1,209,000
Financial services		624,000		282,000
Consumer cyclical		592,000		295,000
Technology		451,000		121,000
Industrials		390,000		484,000
Communication services		180,000		157,000
Healthcare		90,000		43,000
Corporate bonds		-		417,000
Other		-		38,000
	$	8,666,000	$	6,178,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date.

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment. The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

					Net loss for the three months ended
Assets	Level 3		September 30, 2020		September 30, 2020
Other non-marketable investments	$	98,000	$	98,000	$	(62,000	)

					Net loss for the three months ended
Assets	Level 3		June 30, 2020		September 30, 2019
Other non-marketable investments	$	278,000	$	278,000	$	-

For the three months ended September 30, 2020 and 2019, we received distribution from other non-marketable investments of $118,000 and $48,000, respectively.

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.