Annual report pursuant to Section 13 and 15(d)

Note 3 - Available-for-sale Investments

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Note 3 - Available-for-sale Investments
12 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
Note 3. Available-For-Sale Investments:
 
At June 30, 2016 and 2015, the cost and market value of the Company’s available-for-sale securities by major security type were as follows (in thousands):
 
 
 
June 30,
 
 
 
201
6
 
 
201
5
 
 
 
Cost
 
 
Market
 
 
Cost
 
 
Market
 
Certificates of deposit
  $ 3,016     $ 3,017     $ 4,089     $ 4,089  
Equity securities
    29,472       28,581       29,472       52,300  
    $ 32,488     $ 31,598     $ 33,561     $ 56,389  
 
At June 30, 2016 and 2015, all of the Company’s equity securities which relates to our investment in CCXI stock and warrants, were valued using Level 1 inputs. Certificates of deposit are carried at cost and are not subject to the fair value hierarchy. There were no transfers between Level 1 and Level 2 securities during fiscal 2016. Gross unrealized gains (losses) on available-for-sale investments were $(0.9) million and $22.8 million at June 30, 2016, and June 30, 2015, respectively.
  
 
 
The unrealized loss on available-for-sale investments for the twelve months ended June 30, 2016 includes $0.9 million of unrealized gross losses related to our investment in CCXI. As of June 30, 2016, the stock price of CCXI was $4.49 per share compared to our cost basis of $4.73 per share. Based upon our analysis, we believe there is insufficient information to conclude that the impairment of our investment in CCXI is other-than-temporary. As such, we have concluded that the impairment is temporary and have classified the impairment within other comprehensive income.