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Marketable Securities and Investments
 12 Months Ended
Jun. 30, 2015
Investments Debt And Equity Securities [Abstract]  
Marketable Securities and Investments

Note 3. Marketable Securities and Investments

The following table summarizes the Company’s available-for sale securities on hand as of June 30, 2015 and June 30, 2014:

 

 

 

Cost Basis

 

 

Impairment Charge

 

 

Adjusted Cost

 

 

Gross

Unrealized

Losses

 

 

Gross

Unrealized

Gains

 

 

Fair Value

 

Marketable securities at June 30, 2015

 

$

69,850

 

 

 

—

 

 

 

69,850

 

 

 

55,193

 

 

 

—

 

 

$

14,657

 

Marketable securities at June 30, 2014

 

$

499,950

 

 

 

—

 

 

 

499,950

 

 

 

—

 

 

 

60,149

 

 

$

560,099

 

 

During the year ended June 30, 2015, the Company sold marketable securities with a cost basis of $430,100 for net proceeds of $462,075.  The gain on sale of securities of $31,975 was recorded on the statement of operations.  As a result of the transaction, the Company reversed from comprehensive income $106,631 it had previously recorded as an unrealized gain. The Company also recorded an unrealized loss of $8,711 (2014 – $60,149 gain).

 

The marketable securities reflected in the table above includes stock purchase warrants of a single entity involved in the exploration of precious metals.  Each stock purchase warrant is exercisable for a common share of the entity.  The Company performs a quarterly assessment on its marketable securities with unrealized losses to determine if the security is other than temporarily impaired.