Quarterly report pursuant to Section 13 or 15(d)

Receivables

v3.19.1
Receivables
 9 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Receivables
RECEIVABLES
Receivables consist of the following as of March 31, 2019 and June 30, 2018:
in thousands
 
 
 
 
 
 
 
March 31, 2019
 
June 30, 2018
 
 
 
 
 
 
 
Customer trade receivables
 
$
8,996

 
$
22,813

 
Wholesale trade advances
 
5,418

 
10,722

 
Due from brokers
 
1,311

 
2,351

 
Subtotal
 
15,725

 
35,886

 
Less: allowance for doubtful accounts
 
—

 
(30
)
 
Receivables, net
 
$
15,725

 
$
35,856

 
 
 
 
 
 
 

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 a reduction of the total amount of receivables appearing on the Company’s condensed consolidated balance sheets. The allowance for doubtful accounts represents our estimate of the amount of accounts receivable that may not be paid by customers. 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
 
Nine Months Ended March 31, 2019
 
$
30

 
$
(30
)
(1) 
$
—

 
$
—

 
Year Ended June 30, 2018
 
$
30

 
$
—

 
$
—

 
$
30

 
_________________________________
1)
Represents $30 thousand reversal of a provision for doubtful accounts.