Annual report pursuant to Section 13 and 15(d)

Receivables

v3.5.0.2
Receivables
 12 Months Ended
Jun. 30, 2016
Receivables [Abstract]  
Receivables
RECEIVABLES
Receivables consist of the following as of June 30, 2016 and June 30, 2015:
in thousands
 
 
 
 
 
 
 
June 30, 2016
 
June 30, 2015
 
 
 
 
 
 
 
Customer trade receivables
 
$
4,001

 
$
11,835

 
Wholesale trade advances
 
11,860

 
12,164

 
Due from brokers
 
27,471

 
6,056

 
Subtotal
 
43,332

 
30,055

 
Less: allowance for doubtful accounts
 
(30
)
 
(30
)
 
Receivables, net
 
$
43,302

 
$
30,025

 

Customer trade receivables. Customer trade receivables represent short-term, non-interest bearing amounts due from precious metal sales and are secured by the related precious metals stored with the Company, a letter of credit issued on behalf of the customer, or other secured interests in assets of the customer.
Wholesale trade advances. Wholesale trade advances represent advances of various bullion products and cash advances to customers. Typically, these advances are: unsecured, short-term, and non-interest bearing, which are made to wholesale metals dealers and government mints.
Due from brokers. Due from brokers principally consists of the margin requirements held at brokers related to open futures contracts (see Note 11).
Allowance for Doubtful Accounts
Allowances for doubtful accounts are recorded based on specifically identified receivables, which the Company has identified as potentially uncollectible. A summary of the activity in the allowance for doubtful accounts is as follows:
in thousands
 
 
 
 
 
 
 
 
 
Period ended:
 
Beginning Balance
 
Provision
 
Charge-off
 
Ending Balance
 
Year Ended June 30, 2016
 
$
30

 
$
—

 
$
—

 
$
30

 
Year Ended June 30, 2015
 
$
30

 
$
—

 
$
—

 
$
30