Quarterly report pursuant to Section 13 or 15(d)

Receivables

v3.8.0.1
Receivables
 6 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
Receivables
RECEIVABLES
Receivables consist of the following as of December 31, 2017 and June 30, 2017:
in thousands
 
 
 
 
 
 
 
December 31, 2017
 
June 30, 2017
 
 
 
 
 
 
 
Customer trade receivables
 
$
15,638

 
$
31,949

 
Wholesale trade advances
 
13,445

 
2,457

 
Due from brokers
 
10,365

 
4,919

 
Subtotal
 
39,448

 
39,325

 
Less: allowance for doubtful accounts
 
(30
)
 
(30
)
 
Receivables, net
 
$
39,418

 
$
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. Also, the balance as of December 31, 2017 includes an estimate of the amount due from the seller of Goldline for $0.5 million for the difference between the initial provisional purchase price and the revised provisional purchase price (See Note 1).
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
 
Six Months Ended December 31, 2017
 
$
30

 
$
—

 
$
—

 
$
30

 
Year Ended June 30, 2017
 
$
30

 
$
—

 
$
—

 
$
30