Quarterly report pursuant to Section 13 or 15(d)

Receivables

v3.7.0.1
Receivables
 9 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Receivables
RECEIVABLES
Receivables consist of the following as of March 31, 2017 and June 30, 2016:
in thousands
 
 
 
 
 
 
 
March 31, 2017
 
June 30, 2016
 
 
 
 
 
 
 
Customer trade receivables
 
$
7,073

 
$
4,001

 
Wholesale trade advances
 
17,501

 
11,860

 
Due from brokers
 
18,319

 
27,471

 
Subtotal
 
42,893

 
43,332

 
Less: allowance for doubtful accounts
 
(30
)
 
(30
)
 
Receivables, net
 
$
42,863

 
$
43,302

 

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, or other secured interests in assets of the customer.
Wholesale Trade Advances. Wholesale trade advances represent advances of various bullion products and cash advances for purchase commitments of precious metal inventory. 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
 
Nine Months Ended March 31, 2017
 
$
30

 
$
—

 
$
—

 
$
30

 
Year Ended June 30, 2016
 
$
30

 
$
—

 
$
—

 
$
30