INVESTMENT SECURITIES

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

Our investments as of September 30, 2016 and December 31, 2015 are classified as held-to-maturity. Held-to-maturity investments are recorded at amortized cost. During the three months ended September 30, 2016, we liquidated our long-term investment securities with a net carrying amount of approximately $12.6 million, realizing a gain of approximately $33,000 on the sale. The decision to sell our long-term securities was made due to market rate conditions on long-term securities coupled with the recognized gain we were able to yield on the sale of the securities.

The following tables summarize our investment securities at September 30, 2016 and December 31, 2015:

	September 30, 2016
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between October 2016 and September 2017) (held-to-maturity)	$	31,445,616	$	19,363	$	--	$	31,464,979
Total short-term investment securities	$	31,445,616	$	19,363	$	--	$	31,464,979

	December 31, 2015
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Short-term investments:
Obligations of domestic governmental agencies (maturing between January 2016 and December 2016) (held-to-maturity)	$	22,166,512	$	--	$	22,822	$	22,143,690
Long-term investments:
Obligations of domestic governmental agencies (maturing between January 2017 and December 2017) (held-to-maturity)		25,003,032		--		85,846		24,917,186
Total short-term and long-term investment securities	$	47,169,544	$	--	$	108,668	$	47,060,876