Cash, Cash Equivalent, and Investments (Tables)

12 Months Ended

Dec. 31, 2019

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Available-for-sale Securities, Short-term and Long-term Investment Securities

The following table shows the Company’s cash, available-for-sale securities, and short-term and long-term investment securities by major security type as of December 31, 2019 and 2018:


	December 31, 2019
				Gross		Gross
	Level			Unrealized		Unrealized
	⁽¹⁾	Fair Value		Holding Gains		Holding Losses		Adjusted Cost
Cash and Cash Equivalents
Cash		$	1,010,510	$	—	$	—	$	1,010,510
Money Market Funds	1	3,813,034		—		—		3,813,034
Subtotal		4,823,544		—		—		4,823,544
Short-Term Investment Securities ⁽²⁾
Corporate Bonds ⁽⁴⁾	2	29,387,053		5,898		(17,991)		29,399,146
Long-Term Investment Securities ⁽³⁾
Corporate Bonds ⁽⁴⁾	2	1,528,190		16,554		—		1,511,636
Total		$	35,738,787	$	22,452	$	(17,991)	$	35,734,326


	December 31, 2018
				Gross		Gross
	Level			Unrealized		Unrealized
	⁽¹⁾	Fair Value		Holding Gains		Holding Losses		Adjusted Cost
Cash and Cash Equivalents
Cash		$	1,048,272	$	—	$	—	$	1,048,272
Money Market Funds	1	1,338,042		—		—		1,338,042
Subtotal		2,386,314		—		—		2,386,314
Short-Term Investment Securities ⁽²⁾
Corporate Bonds ⁽⁴⁾	2	38,731,120		—		(85,321)		38,816,441
Total		$	41,117,434	$	—	$	(85,321)	$	41,202,755

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Notes:

(1) Definition of the three-level fair value hierarchy:

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

•Level 2 - Other inputs that are directly or indirectly observable in the markets

•Level 3 - Inputs that are generally unobservable

(2) Short-term investment securities will mature within 12 months or less, from the applicable reporting date.

(3) Long-term investment securities will mature longer than 12 months from the applicable reporting date.

(4) The premium paid to purchase held-to-maturity investment securities was $233,550 and $378,681 for the years ended December 31, 2019 and 2018, respectively.