Note 5 - Marketable Securities

9 Months Ended

Dec. 31, 2017

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,

2017,

by maturity, were as follows:

Total		<1 Year		1 –3 Years		3 –5 Years
$	75,537,933	$	18,808,203	$	29,512,416	$	27,217,314

 

     As of

December 

31

and

March 

31,

2017,

our marketable securities were as follows:
 

	As of December 31, 2017									As of March 31, 2017
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Corporate bonds	$	75,955,697	$	27,442	$	(445,206	)	$	75,537,933	$	75,158,087	$	187,001	$	(246,935	)	$	75,098,153
Municipal bonds		-		-		-			-		1,304,817		-		(214	)		1,304,603
Total	$	75,955,697	$	27,442	$	(445,206	)	$	75,537,933	$	76,462,904	$	187,001	$	(247,149	)	$	76,402,756

 

     Fifteen securities were in unrealized loss positions as of

December 

31,

2017.

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,

2017:

 

	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, 2017
Corporate bonds	$	44,282,521	$	(325,912	)	$	9,224,878	$	(119,294	)	$	53,507,399	$	(445,206	)
Municipal bonds		-		-			-		-			-		-
Total	$	44,282,521	$	(325,912	)	$	9,224,878	$	(119,294	)	$	53,507,399	$	(445,206	)
As of March 31, 2017
Corporate bonds	$	32,198,766	$	(246,935	)	$	-	$	-		$	32,198,766	$	(246,935	)
Municipal bonds		1,304,603		(214	)		-		-			1,304,603		(214	)
Total	$	33,503,369	$	(247,149	)	$	-	$	-		$	33,503,369	$	(247,149	)

     Three bonds, with a total fair market value of

$9,224,878

,

had been in continuous unrealized loss positions for

12

 months or greater as of

December 

31,

2017.

For these securities, we also considered the severity of unrealized losses, which were less than

2%

of adjusted cost for each security.

     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,

2017.