Quarterly report pursuant to Section 13 or 15(d)

Receivables

v3.8.0.1
Receivables
 3 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Receivables
RECEIVABLES
Receivables consist of the following as of September 30, 2017 and June 30, 2017:
in thousands
 
 
 
 
 
 
 
September 30, 2017
 
June 30, 2017
 
 
 
 
 
 
 
Customer trade receivables
 
$
25,044

 
$
31,949

 
Wholesale trade advances
 
12,697

 
2,457

 
Due from brokers
 
4,422

 
4,919

 
Subtotal
 
42,163

 
39,325

 
Less: allowance for doubtful accounts
 
(30
)
 
(30
)
 
Receivables, net
 
$
42,133

 
$
39,295

 

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
 
Three Months Ended September 30, 2017
 
$
30

 
$
—

 
$
—

 
$
30

 
Year Ended June 30, 2017
 
$
30

 
$
—

 
$
—

 
$
30