Note 5 - Marketable Securities

9 Months Ended

Dec. 31, 2016

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

December

31,

2016,

by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	84,323,941	$	24,655,206	$	36,400,319	$	23,268,416

 
          As of

December

31

and

March

31,

2016,

our marketable securities were as follows:
 

	As of December 31, 2016									As of March 31, 2016
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	83,222,388	$	123,045	$	(334,944	)	$	83,010,489	$	83,339,487	$	717,206	$	(10,824	)	$	84,045,869
Municipal bonds		1,314,695		-		(1,243	)		1,313,452		1,344,328		2,522		-			1,346,850
Total	$	84,537,083	$	123,045	$	(336,187	)	$	84,323,941	$	84,683,815	$	719,728	$	(10,824	)	$	85,392,719

 
         

Nine

securities were in an unrealized loss position as of

December

31,

2016.

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

December

31

and

March

31,

2016:

 

	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 December 31, 2016
Corporate bonds	$	30,147,097	$	(334,944	)	$	-	$	-		$	30,147,097	$	(334,944	)
Municipal bonds		1,313,452		(1,243	)		-		-			1,313,452		(1,243	)
Total	$	31,460,549	$	(336,187	)	$	-	$	-		$	31,460,549	$	(336,187	)
As of March 31, 2016
Corporate bonds	$	3,003,606	$	(6,703	)	$	2,599,870	$	(4,121	)	$	5,603,476	$	(10,824	)
Municipal bonds		-		-			-		-			-		-
Total	$	3,003,606	$	(6,703	)	$	2,599,870	$	(4,121	)	$	5,603,476	$	(10,824	)

 
          Because we expect to recover the cost basis of investments held, we do

not

consider any of our marketable securities to be impaired as of

December

31,

2016.