Financial Instruments

6 Months Ended

Dec. 31, 2015

7.Financial Instruments

For a discussion on the Company’s fair value measurement policies for Financial Instruments, refer to Note 1 to the Consolidated Financial Statements, “Summary of Significant Accounting Policies – Financial Instruments”, of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015.

The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period.

The following table presents the Company’s investments at December 31, 2015 and June 30, 2015 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820, “Fair Value Measurements and Disclosures” (in thousands). The fair value of the Company’s investments approximates their cost basis.



Description	December 31, 2015		Level 1		Level 2		Level 3
Mutual funds	$	75	$	75	$	-	$	-
Fixed deposits and certificates of deposit		3,786		-		3,786		-
Total	$	3,861	$	75	$	3,786	$	-

Description	June 30, 2015		Level 1		Level 2		Level 3
Mutual funds	$	34	$	34	$	-	$	-
Fixed deposits and certificates of deposit		4,100		-		4,100		-
Total	$	4,134	$	34	$	4,100	$	-

Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates.