Quarterly report pursuant to Section 13 or 15(d)

Receivables

v3.3.0.814
Receivables
 3 Months Ended
Sep. 30, 2015
Receivables [Abstract]  
Receivables
RECEIVABLES
Receivables consist of the following as of September 30, 2015 and June 30, 2015:
in thousands
 
 
 
 
 
 
 
September 30, 2015
 
June 30, 2015
 
 
 
 
 
 
 
Customer trade receivables
 
$
11,194

 
$
11,835

 
Wholesale trade advances
 
26,810

 
12,164

 
Due from brokers
 
9,925

 
6,056

 
Subtotal
 
47,929

 
30,055

 
Less: allowance for doubtful accounts
 
(30
)
 
(30
)
 
Receivables, net
 
$
47,899

 
$
30,025

 

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, a letter of credit issued on behalf of the customer, or other secured interests in assets of the customer.
Wholesale trade advances. Wholesale trade advances represent advances of various bullion products and cash advances to customers. 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 10).
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
 
Quarter Ended September 30, 2015
 
$
30

 
$
—

 
$
—

 
$
30

 
Year Ended June 30, 2015
 
$
30

 
$
—

 
$
—

 
$
30