Note 4 - Marketable Securities

12 Months Ended

Mar. 31, 2018

Notes to Financial Statements

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

NOTE

4.

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

March 

31,

2018,

by maturity, were as follows:

Total		<1 Year		1–3 Years		3–5 Years
$	73,603,967	$	20,765,809	$	31,124,052	$	21,714,106

 
     As of

March 

31,

2018

and

2017

our marketable securities were as follows:

	As of March 31, 2018									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	$	74,853,327	$	-	$	(1,249,360	)	$	73,603,967	$	75,158,087	$	187,001	$	(246,935	)	$	75,098,153
Municipal bonds		-		-		-			-		1,304,817		-		(214	)		1,304,603
Total	$	74,853,327	$	-	$	(1,249,360	)	$	73,603,967	$	76,462,904	$	187,001	$	(247,149	)	$	76,402,756

 
     

Nineteen

of our

20

securities were in unrealized loss positions, and the other security was

not

in either an unrealized loss or unrealized gain position as of

March 

31,

2018.

The losses were due to market conditions and increased interest rates since the securities were purchased.

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

March 

31,

2018

and

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 March 31, 2018 (corporate bonds)	$	61,731,248	$	(1,003,849	)	$	9,072,719	$	(245,511	)	$	70,803,967	$	(1,249,360	)
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

$9,072,719,

had been in continuous unrealized loss positions for

12

 months or greater as of

March 

31,

2018.

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

5%

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 other-than-temporarily impaired as of

March 

31,

2018.