Investment Securities
 12 Months Ended
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