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INVESTMENTS | 3 Months Ended
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Sep. 30, 2013
Investments All Other Investments [Abstract] |
INVESTMENTS | NOTE 2. INVESTMENTS As of September 30, 2013, the Company held investments with a market value of approximately $13.1 million and a cost basis of approximately $13.0 million. The market value of these investments is approximately 34.1 percent of the Company’s total assets. Investments in securities classified as trading are reflected as current assets on the consolidated balance sheet at their fair market value. Unrealized holding gains and losses on trading securities are included in earnings in the consolidated statements of operations and comprehensive income. Investments in securities classified as available-for-sale, which may not be readily marketable, are reflected as non-current assets on the consolidated balance sheet at their fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income as a separate component of shareholders’ equity until realized. The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale. The following summarizes the market value, cost, and unrealized gain or loss on investments as of September 30, 2013, and June 30, 2013.
Securities |  | Market Value |  |  | Cost |  |  | Unrealized Gain (Loss) |  |  | Unrealized holding gains on available-for- sale securities, net of tax |
Trading¹ |  | $ | 4,866,924 |  |  | $ | 5,457,989 |  |  | $ | (591,065 | ) |  |  | N/A |
Available-for-sale² |  |  | 8,223,809 |  |  |  | 7,536,833 |  |  |  | 686,976 |  |  | $ | 453,404 |
Total at September 30, 2013 |  | $ | 13,090,733 |  |  | $ | 12,994,822 |  |  | $ | 95,911 |  |  |  |  |
Trading¹ |  | $ | 4,758,220 |  |  | $ | 5,457,989 |  |  | $ | (699,769 | ) |  |  | N/A |
Available-for-sale² |  |  | 9,053,111 |  |  |  | 8,064,902 |  |  |  | 988,209 |  |  | $ | 652,218 |
Total at June 30, 2013 |  | $ | 13,811,331 |  |  | $ | 13,522,891 |  |  | $ | 288,440 |  |  |  |  |
¹Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
²Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a separate component of shareholders’ equity until realized.
The following details the components of the Company’s available-for-sale investments as of September 30, 2013, and June 30, 2013.
|  | September 30, 2013 (in thousands) |  |  |
|  |  |  |  | Gross Unrealized |  |  |  |  |  |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Market Value |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 842 |  |  | $ | 900 |  |  | $ | (3 | ) |  | $ | 1,739 |  |  |
Venture capital investments |  |  | 168 |  |  |  | - |  |  |  | (5 | ) |  |  | 163 |  |  |
Offshore fund |  |  | 5,000 |  |  |  | - |  |  |  | (222 | ) |  |  | 4,778 |  |  |
Mutual funds |  |  | 1,527 |  |  |  | 20 |  |  |  | (3 | ) |  |  | 1,544 |  |  |
Total available-for-sale securities |  | $ | 7,537 |  |  | $ | 920 |  |  | $ | (233 | ) |  | $ | 8,224 |  |  |
|  | June 30, 2013 (in thousands) |  |  |
|  |  |  |  | Gross Unrealized |  |  |  |  |  |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Market Value |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 870 |  |  | $ | 529 |  |  | $ | (5 | ) |  | $ | 1,394 |  |  |
Venture capital investments |  |  | 168 |  |  |  | - |  |  |  | (5 | ) |  |  | 163 |  |  |
Offshore fund |  |  | 5,000 |  |  |  | - |  |  |  | (288 | ) |  |  | 4,712 |  |  |
Mutual funds |  |  | 2,027 |  |  |  | 760 |  |  |  | (3 | ) |  |  | 2,784 |  |  |
Total available-for-sale securities |  | $ | 8,065 |  |  | $ | 1,289 |  |  | $ | (301 | ) |  | $ | 9,053 |  |  |
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|  | September 30, 2013 (in thousands) |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 97 |  |  | $ | (3 | ) |  | $ | - |  |  | $ | - |  |  | $ | 97 |  |  | $ | (3 | )
Venture capital investments |  |  | 163 |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | 163 |  |  |  | (5 | )
Offshore fund |  |  | - |  |  |  | - |  |  |  | 4,778 |  |  |  | (222 | ) |  |  | 4,778 |  |  |  | (222 | )
Mutual funds |  |  | 4 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | (3 | )
Total available-for-sale securities |  | $ | 264 |  |  | $ | (11 | ) |  | $ | 4,778 |  |  | $ | (222 | ) |  | $ | 5,042 |  |  | $ | (233 | )
|  | June 30, 2013 (in thousands) |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 95 |  |  | $ | (5 | ) |  | $ | - |  |  | $ | - |  |  | $ | 95 |  |  | $ | (5 | )
Venture capital investments |  |  | 163 |  |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | 163 |  |  |  | (5 | )
Offshore fund |  |  | - |  |  |  | - |  |  |  | 4,712 |  |  |  | (288 | ) |  |  | 4,712 |  |  |  | (288 | )
Mutual funds |  |  | 3 |  |  |  | (3 | ) |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | (3 | )
Total available-for-sale securities |  | $ | 261 |  |  | $ | (13 | ) |  | $ | 4,712 |  |  | $ | (288 | ) |  | $ | 4,973 |  |  | $ | (301 | )
Investment income can be volatile and varies depending on market fluctuations, the Company’s ability to participate in investment opportunities, and timing of transactions. A significant portion of the unrealized gains and losses for the three months ended September 30, 2013, is concentrated in a small number of issuers. The Company expects that gains and losses will continue to fluctuate in the future. Investment income (loss) from the Company’s investments includes:
| • |  | realized gains and losses on sales of securities;
| • |  | unrealized gains and losses on trading securities;
| • |  | realized foreign currency gains and losses;
| • |  | other-than-temporary impairments on available-for-sale securities; and
| • |  | dividend and interest income.
The following summarizes investment income reflected in earnings for the periods discussed:
Investment Income |  | Three Months Ended September 30, |
|  | 2013 |  |  | 2012 |
Realized gains on sales of available-for-sale securities |  | $ | 875,346 |  |  | $ | - |
Unrealized gains on trading securities |  |  | 108,704 |  |  |  | 171,581 |
Realized foreign currency gains (losses) |  |  | 4,979 |  |  |  | (25 | )
Dividend and interest income |  |  | 71,621 |  |  |  | 29,095 |
Total Investment Income |  | $ | 1,060,650 |  |  | $ | 200,651 |

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