Note 5 - Marketable Securities

6 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 5. MARKETABLE SECURITIES

     Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of September 30, 2015, by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	83,956,776	$	23,175,666	$	39,590,273	$	21,190,837

 
     As of September 30 and March 31, 2015, our marketable securities were as follows:
 

	As of September 30, 2015									As of March 31, 2015
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	81,960,402	$	645,841	$	(17,615	)	$	82,588,628	$	88,456,886	$	1,185,469	$	(16,371	)	$	89,625,984
Municipal bonds		1,364,084		4,064		-			1,368,148		1,383,839		3,272		-			1,387,111
Total	$	83,324,486	$	649,905	$	(17,615	)	$	83,956,776	$	89,840,725	$	1,188,741	$	(16,371	)	$	91,013,095

 
     The following table shows the gross unrealized losses and fair value of our investments with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position as of September 30 and March 31, 2015:
 

	Less Than 12 Months					12 Months or Greater					Total
	Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses			Fair Market Value		Gross Unrealized Losses
As of September 30, 2015
Corporate bonds	$	8,834,101	$	(9,840	)	$	2,597,444	$	(7,775	)	$	11,431,545	$	(17,615	)
Municipal bonds		-		-			-		-			-		-
Total	$	8,834,101	$	(9,840	)	$	2,595,544	$	(7,775	)	$	11,431,545	$	(17,615	)
As of March 31, 2015
Corporate bonds	$	3,015,900	$	(163	)	$	2,590,240	$	(16,208	)	$	5,606,140	$	(16,371	)
Municipal bonds		-		-			-		-			-		-
Total	$	3,015,900	$	(163	)	$	2,590,240	$	(16,208	)	$	5,606,140	$	(16,371	)

     Gross unrealized losses totaled $17,615 as of September 30, 2015, and were attributed to four corporate bonds out of a portfolio of 27 corporate and municipal bonds. The gross unrealized losses were due to market-price decreases after the bonds were purchased.

     All of the bonds we held had investment-grade credit ratings by Moody’s or Standard and Poor’s. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating.

     One corporate bond, with a fair market value of $2,597,444, had been in a continuous unrealized loss position for 12 months or greater. For this security, we also considered the severity of unrealized loss, which was approximately 0.3% of adjusted cost.

     Because we expect to recover the cost basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired as of September 30, 2015.