XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Note 5 - Fair Value Measurements | 9 Months Ended
--- | ---
Mar. 31, 2024
Notes to Financial Statements |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] |
(5) | Fair Value Measurements
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. We consider the principal or most advantageous market in which it would transact and assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy. The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. We have categorized our cash equivalents and investments within the fair value hierarchy as follows: Level 1 – applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. These Level 1 assets include our corporate money market funds that are classified as cash equivalents. We have categorized our cash equivalents as Level 1 assets as there are quoted prices in active markets for identical assets or liabilities. Level 2 – applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. At March 31, 2024 and June 30, 2023, we have categorized our investments as Level 2 assets. Level 3 – applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. We held no Level 3 assets or liabilities as of March 31, 2024 or June 30, 2023. Assets and Liabilities Measured at Fair Value on a Recurring Basis. The following tables show, by level within the fair value hierarchy, our assets and liabilities that are measured at fair value on a recurring basis at March 31, 2024 and June 30, 2023. There were no transfers between levels of fair value measurements during the periods presented.
|  |  | Fair Value Measurements at March 31, 2024 |
Financial Assets | Balance Sheet Location |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Corporate money market funds (1) | Cash and cash equivalents |  | $ | 27,285 |  |  | $ | - |  |  | $ | - |  |  | $ | 27,285 |
U.S. Treasury bills (2) | Investments |  |  | - |  |  |  | 82,356 |  |  |  | - |  |  |  | 82,356 |
U.S. Treasury notes (2) | Other assets |  |  | - |  |  |  | 34,867 |  |  |  | - |  |  |  | 34,867 |
Total |  | $ | 27,285 |  |  | $ | 117,223 |  |  | $ | - |  |  | $ | 144,508 |
|  |  | Fair Value Measurements at June 30, 2023 |
Financial Assets | Balance Sheet Location |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Corporate money market funds (1) | Cash and cash equivalents |  | $ | 23,923 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,923 |
U.S. Treasury bills (2) | Investments |  |  | - |  |  |  | 110,577 |  |  |  | - |  |  |  | 110,577 |
Total |  | $ | 23,923 |  |  | $ | 110,577 |  |  | $ | - |  |  | $ | 134,500 |
| (1) | Our corporate money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine its fair value.
| (2) | We have current and non-current debt securities (U.S. Treasury bills and notes) intended to enhance returns on our cash as well as to fund future obligations. All unrealized gains and losses were included in Accumulated other comprehensive loss within our consolidated balance sheets. There were no material gross unrealized gains or losses on the investments at March 31, 2024 or June 30, 2023.
Our debt securities are presented below in accordance with their stated maturities. A portion of these investments are classified as non-current as they have stated maturities of more than one year from the balance sheet date. However, these investments are generally available to meet short-term liquidity needs.
|  | March 31, 2024 |
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair Value |
Due within one year |  | $ | 79,998 |  |  | $ | 2,358 |  |  | $ | - |  |  | $ | 82,356 |
Due within one and two years |  |  | 34,907 |  |  |  | - |  |  |  | (40 | ) |  |  | 34,867 |
Total |  | $ | 114,905 |  |  | $ | 2,358 |  |  | $ | (40 | ) |  | $ | 117,223 |
There were no investments that have been in a continuous loss position for more than one year, and there have been no other-than-temporary impairments recognized. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis. We did not record any other-than-temporary impairments on assets required to be measured at fair value on a non-recurring basis during fiscal 2024 or 2023. Assets and Liabilities Measured at Fair Value for Disclosure Purposes Only. We had no outstanding bank borrowings as of March 31, 2024 and June 30, 2023. We have historically categorized our outstanding bank borrowings as a Level 2 liability.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration