Quarterly report pursuant to Section 13 or 15(d)

Investment Securities

v3.19.2
Investment Securities
9 Months Ended
Apr. 30, 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 April 30, 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   $ 998,938     $           -     $ (188 )   $ 998,750  
Total   $ 998,938     $ -     $ (188 )   $ 998,750  

 

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 nine months ended April 30, 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 nine months ended April 30, 2019, respectively. The sale of the securities was suggested by the Company’s investment advisors and the event is isolated.