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Investment Securities | 12 Months Ended
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Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Note 4. Investment Securities Investment securities at June 30, 2020 and 2019 consist of certificates of deposit and municipal bonds which are classified as available-for-sale securities and have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale securities by major security type at June 30, 2020 and 2019 are as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 4,679,847 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,679,847 |
Municipal bonds |  |  | 462,618 |  |  |  | 1,243 |  |  |  | (2,188 | ) |  |  | 461,673 |
2020 Total investment securities |  | $ | 5,142,465 |  |  | $ | 1,243 |  |  | $ | (2,188 | ) |  | $ | 5,141,520 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 5,046,627 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,046,627 |
Municipal bonds |  |  | 636,269 |  |  |  | 1,576 |  |  |  | (232 | ) |  |  | 637,613 |
2019 Total investment securities |  | $ | 5,682,896 |  |  | $ | 1,576 |  |  | $ | (232 | ) |  | $ | 5,684,240 |
The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At June 30, 2020, the Company did not have any investments in individual securities that have been in a continuous loss position considered to be other than temporary. As of June 30, 2020 and 2019, the remaining contractual maturities of available-for-sale securities were as follows:
|  | Years to Maturity |  |  |  |
|  | Less than |  |  | One to |  |  |  |
|  | One Year |  |  | Five Years |  |  | Total |
2020 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  | $ | 5,141,520 |  |  | $ | — |  |  | $ | 5,141,520 |
2019 |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  | $ | 5,549,460 |  |  | $ | 134,780 |  |  | $ | 5,684,240 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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