Annual report pursuant to Section 13 and 15(d)

Receivables

v3.7.0.1
Receivables
 12 Months Ended
Jun. 30, 2017
Receivables [Abstract]  
Receivables
RECEIVABLES
Receivables consist of the following as of June 30, 2017 and June 30, 2016:
in thousands
 
 
 
 
 
 
 
June 30, 2017
 
June 30, 2016
 
 
 
 
 
 
 
Customer trade receivables
 
$
31,949

 
$
4,001

 
Wholesale trade advances
 
2,457

 
11,860

 
Due from brokers
 
4,919

 
27,471

 
Subtotal
 
39,325

 
43,332

 
Less: allowance for doubtful accounts
 
(30
)
 
(30
)
 
Receivables, net
 
$
39,295

 
$
43,302

 

Customer Trade Receivables. Customer trade receivables represent short-term, non-interest bearing amounts due from precious metal sales, advances related to financing products, and 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, and 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
An allowance for doubtful accounts is 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, 2017
 
$
30

 
$
—

 
$
—

 
$
30

 
Year Ended June 30, 2016
 
$
30

 
$
—

 
$
—

 
$
30