INVESTMENT SECURITIES

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

Our investments as of June 30, 2017 and December 31, 2016 are classified as held-to-maturity. Held-to-maturity investments are recorded at amortized cost.

The following tables summarize our investment securities at June 30, 2017 and December 31, 2016:

	June 30, 2017
	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 July 2017 and September 2017) (held-to-maturity)	$	8,808,930	$	--	$	3,005	$	8,805,925
Total short-term investment securities	$	8,808,930	$	--	$	3,005	$	8,805,925

	December 31, 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 February 2017 and September 2017) (held-to-maturity)	$	19,853,860	$	3,270	$	2,492	$	19,854,638
Total short-term investment securities	$	19,853,860	$	3,270	$	2,492	$	19,854,638