Note 3 - Investments
|9 Months Ended|
Jun. 30, 2022
|Notes to Financial Statements|
|Investment [Text Block]||
Note 3. Investments
The Company invests in certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) as well as U.S. Treasury and money market securities. Historically, the Company’s investment portfolio had been classified as held-to-maturity and recorded at amortized cost. During the second quarter of fiscal 2022, the Company sold investments and has reclassified its investment portfolio to available-for-sale, which is reported at fair value. The unrealized gain or loss on investment securities is recorded in other comprehensive income, net of tax.
At June 30, 2022, available-for-sale investments consist of the following:
At June 30, 2022, investments in debt securities in an unrealized loss position were as follows:
As of June 30, 2022, there were 60 securities in an unrealized loss position which is due to the securities paying lower interest rates than the market. As of June 30, 2022, there are no securities which are other than temporarily impaired as the Company intends to hold these securities until their value recovers and there is negligible credit risk due to the nature of the securities which are backed by the FDIC and US federal government.
The entire disclosure for investment.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef