Annual report pursuant to Section 13 and 15(d)

Assets and Liabilities, at Fair Value (Tables)

v3.10.0.1
Assets and Liabilities, at Fair Value (Tables)
12 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of financial instruments not required to be carried at fair value
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of June 30, 2018 and June 30, 2017.
in thousands
 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
June 30, 2017
 
 
Carrying Amount
 
Fair value
 
Carrying Amount
 
Fair value
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
Cash
 
$
6,291

 
$
6,291

 
$
13,059

 
$
13,059

Receivables, net
 
35,856

 
35,856

 
39,295

 
39,295

Secured loans receivable
 
110,424

 
110,424

 
91,238

 
91,238

Derivative asset on open sale and purchase commitments, net
 
2,274

 
2,274

 
931

 
931

Derivative asset on option contracts
 
390

 
390

 

 

Derivative asset on futures contracts
 
238

 
238

 
1,273

 
1,273

Derivative asset on forward contracts
 
4,493

 
4,493

 
15,383

 
15,383

Income taxes receivable
 
1,553

 
1,553

 

 

Financial liabilities:
 
 
 
 
 
 
 
 
Lines of credit
 
$
200,000

 
$
200,000

 
$
180,000

 
$
180,000

Debt obligation (related party)
 
7,226

 
7,226

 

 

Liability on borrowed metals
 
280,346

 
280,346

 
5,625

 
5,625

Product financing arrangements
 
113,940

 
113,940

 
135,343

 
135,343

Derivative liability on margin accounts
 
3,804

 
3,804

 
4,797

 
4,797

Derivative liability on price protection programs
 
168

 
168

 

 

Derivative liability on open sale and purchase commitments, net
 
16,485

 
16,485

 
29,785

 
29,785

Accounts payable
 
45,997

 
45,997

 
41,947

 
41,947

Accrued liabilities
 
5,129

 
5,129

 
4,945

 
4,945

Other long-term liabilities (related party) (1)
 
798

 
798

 
1,117

 
1,117

Income taxes payable
 

 

 
1,418

 
1,418

Note payable - related party
 

 

 
500

 
500

 
 
 
 
 
 
 
 
 
(1) Includes estimated contingent amounts due to SilverTowne and to Goldline Lenders.
 
 
 
 
 
 
 
 
 
Schedule of fair value, assets and liabilities measured on recurring basis
The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 and June 30, 2017, aggregated by the level in the fair value hierarchy within which the measurements fall:
 
 
June 30, 2018
 
 
Quoted Price in
 
 
 
 
 
 
 
 
Active Markets
 
Significant Other
 
Significant
 
 
 
 
for Identical
 
Observable
 
Unobservable
 
 
 
 
Instruments
 
Inputs
 
Inputs
 
 
in thousands
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
 
Inventory (1)
 
$
280,017

 
$

 
$

 
$
280,017

Precious metals held under financing arrangements
 
262,566

 
 
 
 
 
262,566

Derivative assets — open sale and purchase commitments, net
 
2,274

 

 

 
2,274

Derivative assets — option contracts
 
390

 

 

 
390

Derivative assets — futures contracts
 
238

 

 

 
238

Derivative assets — forward contracts
 
4,493

 

 

 
4,493

Total assets, valued at fair value
 
$
549,978

 
$

 
$

 
$
549,978

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
280,346

 
$

 
$

 
$
280,346

Product financing arrangements
 
113,940

 

 

 
113,940

Derivative liabilities — price protection programs
 

 

 
168

 
168

Derivative liabilities — liability on margin accounts
 
3,804

 

 

 
3,804

Derivative liabilities — open sale and purchase commitments, net
 
16,485

 

 

 
16,485

Contingent earn-out liability
 
$

 
$

 
$
588

 
$
588

Total liabilities, valued at fair value
 
$
414,575

 
$

 
$
756

 
$
415,331

____________________
(1) Commemorative coin inventory totaling $99,000 is held at lower of cost or market and is thus excluded from this table.
 
 
June 30, 2017
 
 
Quoted Price in
 
 
 
 
 
 
 
 
Active Markets
 
Significant Other
 
Significant
 
 
 
 
for Identical
 
Observable
 
Unobservable
 
 
 
 
Instruments
 
Inputs
 
Inputs
 
 
in thousands
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
 
Inventory (1)
 
$
284,619

 
$

 
$

 
$
284,619

Derivative assets — open sale and purchase commitments, net
 
931

 

 

 
931

Derivative assets — futures contracts
 
1,273

 

 

 
1,273

Derivative assets — forward contracts
 
15,383

 

 

 
15,383

Total assets, valued at fair value
 
$
302,206

 
$

 
$

 
$
302,206

Liabilities:
 
 
 
 
 
 
 
 
Liability on borrowed metals
 
$
5,625

 
$

 
$

 
$
5,625

Product financing arrangements
 
135,343

 

 

 
135,343

Derivative liabilities — liability on margin accounts
 
4,797

 

 

 
4,797

Derivative liabilities — open sale and purchase commitments, net
 
29,785

 

 

 
29,785

Contingent earn-out liability
 

 

 
1,325

 
1,325

Total liabilities, valued at fair value
 
$
175,550

 
$

 
$
1,325

 
$
176,875


____________________
(1) Commemorative coin inventory totaling $40,000 is held at lower of cost or market and is thus excluded from this table.