Note 4. Investment Securities

Investment securities at June 30, 2026 and June 30, 2025 consisted of certificates of deposit and municipal bonds. The Company classifies investment securities as available-for-sale which have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value debt securities by major security type at June 30, 2026 and June 30, 2025 are as follows:

The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. Accrued interest associated with the Company’s available-for-sale debt securities totaled $237,646 as of June 30, 2026 and $273,921 as of June 30, 2025 and is presented within prepaid expenses and other assets on the balance sheet.

The Company regularly reviews the available-for-sale debt securities in an unrealized loss position to assess the necessity of an allowance for credit losses. As of June 30, 2026 the securities in an unrealized loss position without an allowance for credit losses are primarily municipal bonds. The Company does not intend to sell these securities, and it is more likely than not that the Company will not be required to sell them before recovery of their amortized cost basis, therefore no allowance for credit losses has been recorded for these instruments. There were no investment securities in a loss position of June 30, 2025.

As of June 30, 2026 and June 30, 2025, the remaining contractual maturities of available-for-sale debt securities were as follows: