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Cash, Cash Equivalent, and Investments (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2020 and December 31, 2019:
September 30, 2020 (Unaudited)
GrossGross
LevelUnrealizedUnrealized
(1)
Fair ValueHolding GainsHolding LossesAdjusted Cost
Cash and Cash Equivalents
Cash$785,678 $— $— $785,678 
Money Market Funds121,076,903 — — 21,076,903 
Subtotal21,862,581 — — 21,862,581 
Short-Term Investment Securities (2)
Corporate Bonds (4)
28,605,115 60,300 — 8,544,815 
Total$30,467,696 $60,300 $— $30,407,396 

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 
_________________
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 $0 and $54,385 for the three months ended September 30, 2020 and 2019, respectively. The premium paid to purchase held-to-maturity investment securities was $221,156 and $158,548 for the nine months ended September 30, 2020 and 2019, respectively. The premium paid to purchase held-to-maturity investment securities was $233,550 for the year ended December 31, 2019.