Financial Instruments

6 Months Ended

Dec. 31, 2016

7.Financial Instruments

For a discussion on our fair value measurement policies for Financial Instruments, refer to Note 1 in our Consolidated Financial Statements, “Summary of Significant Accounting Policies – Financial Instruments”, of our Annual Report on Form 10-K for fiscal year ended June 30, 2016.

We have not changed our valuation techniques in measuring the fair value of any financial assets and liabilities during the period.

The following table presents our investments at December 31, 2016 and June 30, 2016 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820 (in thousands). The fair value of our short-term investments approximates their cost basis.



Description	December 31, 2016		Level 1		Level 2		Level 3
Mutual Funds	$	10	$	10	$	-	$	-
Time/Fixed Deposits and Bank Guarantees		541		-		541		-
Preferred Stock		725		-		-		725
Total	$	1,276	$	10	$	541	$	725

Description	June 30, 2016		Level 1		Level 2		Level 3
Mutual Funds	$	29	$	29	$	-	$	-
Time/Fixed Deposits and Bank Guarantees		1,490		-		1,490		-
Preferred Stock		725		-		-		725
Total	$	2,244	$	29	$	1,490	$	725

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.