Quarterly report pursuant to Section 13 or 15(d)

Investment Securities

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Investment Securities
6 Months Ended
Jan. 31, 2019
Schedule of Investments [Abstract]  
Investment Securities

Note 4—Investment Securities

 

The amortized cost, gross unrealized losses, and fair value of securities held to maturity are as follows as of January 31, 2019:

 

Description   Amortized Cost    

Gross

Unrealized

Gains

   

Gross

Unrealized

Loss

    Fair Value  
Investment securities                                
U.S. treasury securities with maturities of one year or less   $ 4,241,413     $ -     $ (2,233 )   $ 4,239,180  
Total   $ 4,241,413     $ -     $ (2,233 )   $ 4,239,180  

 

The fair values of held to maturity securities, excluding U.S. treasury securities, were obtained using an independent third-party financial institution. Management made no adjustments to the fair value quotes that were provided by the third-party financial institution. The fair values of U.S. treasury securities were determined using quoted, active market prices for identical securities.

 

During the six months ended January 31, 2019, the Company sold investments, categorized as held to maturity, with a net carrying amount of $5,989,928 for gross proceeds of $5,977,794 and realized a loss of $0 and $12,134 during the three and six months ended January 31, 2019, respectively. The sale of the securities was suggested by the Company’s investment advisors and the event is isolated.