Annual report pursuant to Section 13 and 15(d)

Investment Securities

v3.19.3
Investment Securities
12 Months Ended
Jul. 31, 2019
Schedule of Investments [Abstract]  
Investment Securities

Note 4—Investment Securities

 

The Company did not have any investment securities on its consolidated balance sheet as of July 31, 2019.

 

The amortized cost, gross unrealized gains and losses, and fair value of securities held to maturity are as follows as of July 31, 2018:

 

Description   Amortized Cost     Gross Unrealized Gain/(Loss)     Fair Value  
Investment securities                        
U.S. treasury securities with maturities of one year or less   $ 23,174,447     $ (20,212 )   $ 23,154,235  
Total   $ 23,174,447     $ (20,212 )   $ 23,154,235  

 

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 year ended July 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 $12,134. The sale of the securities was suggested by the Company’s investment advisors and the event is isolated.