Note 2 - Cash, Cash Equivalents, and Investments |
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Cash, Cash Equivalents, and Marketable Securities [Text Block] |
Note 2: Cash, Cash Equivalents, and Investments
The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, and its investments in money market funds are classified as cash equivalents. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of June 30, 2022, and December 31, 2021:
_________________ Notes: (1) Definition of the three-level fair value hierarchy:
(2) Short-term investment securities will mature within 12 months or less, from the applicable reporting date. (3) The premiums paid to purchase held-to-maturity investment securities was $8,420 and $0 for the three months ended June 30, 2022 and 2021, respectively. The premiums paid to purchase held-to-maturity investment securities was $29,270 and $283,940 for the six months ended June 30, 2022 and 2021, respectively. The premiums paid to purchase held-to-maturity investment securities were $283,940 for the year ended December 31, 2021.
The Company considers the declines in market value of its investment portfolio to be temporary in nature. The Company’s investment policy requires investment securities to be investment grade and held to maturity with the primary objective to maintain a high degree of liquidity while maximizing yield. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates, and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of June 30, 2022, the Company does not consider any of its investments to be other-than-temporarily impaired.
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