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Cash, Cash Equivalent, and Investments (Tables)
3 Months Ended
Mar. 31, 2020
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 March 31, 2020 and December 31, 2019:
March 31, 2020 (Unaudited)
GrossGross
LevelUnrealizedUnrealized
(1)
Fair ValueHolding GainsHolding LossesAdjusted Cost
Cash and Cash Equivalents
Cash$523,626  $—  $—  $523,626  
Money Market Funds14,173,205  —  —  4,173,205  
Subtotal4,696,831  —  —  4,696,831  
Short-Term Investment Securities (2)
Corporate Bonds (4)
226,439,982  —  (147,770) 26,587,752  
Long-Term Investment Securities (3)
Corporate Bonds (4)
22,536,610  24,812  (6,362) 2,518,160  
Total$33,673,423  $24,812  $(154,132) $33,802,743  
December 31, 2019 (Audited)
GrossGross
LevelUnrealizedUnrealized
(1)
Fair ValueHolding GainsHolding LossesAdjusted Cost
Cash and Cash Equivalents
Cash$1,010,510  $—  $—  $1,010,510  
Money Market Funds13,813,034  —  —  3,813,034  
Subtotal4,823,544  —  —  4,823,544  
Short-Term Investment Securities (2)
Corporate Bonds (4)
229,387,053  5,898  (17,991) 29,399,146  
Long-Term Investment Securities (3)
Corporate Bonds (4)
21,528,190  16,554  —  1,511,636  
Total$35,738,787  $22,452  $(17,991) $35,734,326  
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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 between 12 and 18 months, from the applicable reporting date.
(4) The premium paid to purchase held-to-maturity investment securities was $196,385 and $80,855 for the three months ended March 31, 2020 and 2019, respectively. The premium paid to purchase held-to-maturity investment securities was $233,550 for the year ended December 31, 2019.