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FAIR VALUE MEASUREMENTS AND SHORT-TERM INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table presents information about our assets and liabilities measured at fair value at March 31, 2019 and December 31, 2018, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
 
 
 
Asset and Liabilities at Fair Value
 
 
 
As of March 31, 2019
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
 
$
13,838,984
 
 
$
-
 
 
$
-
 
 
$
13,838,984
 
Corporate bonds
 
 
-
 
 
 
31,308,838
 
 
 
-
 
 
 
31,308,838
 
U.S. treasury securities
 
 
-
 
 
 
1,982,187
 
 
 
-
 
 
 
1,982,187
 
U.S. government agency bonds
 
 
-
 
 
 
4,133,886
 
 
 
-
 
 
 
4,133,886
 
Total short-term investment securities
 
$
13,838,984
 
 
$
37,424,911
 
 
$
-
 
 
$
51,263,895
 
Investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock warrant
 
$
-
 
 
$
-
 
 
$
6,065,891
 
 
$
6,065,891
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset and Liabilities at Fair Value
 
 
 
As of December 31, 2018
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money market funds
 
$
10,083,972
 
 
$
-
 
 
$
-
 
 
$
10,083,972
 
Corporate bonds
 
 
-
 
 
 
38,579,055
 
 
 
-
 
 
 
38,579,055
 
U.S. treasury securities
 
 
-
 
 
 
2,970,900
 
 
 
-
 
 
 
2,970,900
 
U.S. government agency bonds
 
 
-
 
 
 
4,115,012
 
 
 
-
 
 
 
4,115,012
 
Total short-term investment securities
 
$
10,083,972
 
 
$
45,664,967
 
 
$
-
 
 
$
55,748,939
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock warrant
 
$
-
 
 
$
-
 
 
$
3,092,358
 
 
$
3,092,358
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of the changes in fair value of the Company's stock warrants
The following table sets forth a summary of the changes in fair value of the Company’s stock warrant (Level 3 asset) since December 31, 2017:
 
Fair value at December 31, 2017
 
$
-
 
Fair value of stock warrants acquired on August 8, 2018
 
 
2,807,958
 
Unrealized gain as a result of change in fair value
 
 
284,400
 
Fair value at December 31, 2018
 
 
3,092,358
 
Unrealized gain as a result of change in fair value
 
 
2,973,533
 
Fair value at March 31, 2019
 
$
6,065,891
 
 
 
 
 
 
 
 
 
 
 
Schedule of available-for-sale securities reconciliation
The following tables sets forth a summary of the Company’s available-for-sale securities in its short-term investment account from amortized cost basis to fair value at March 31, 2019 and December 31, 2018:
 
 
 
Available-for-Sale Securities – March 31, 2019
 
 
 
Amortized
 
 
Gross
 
 
Gross
 
 
 
 
 
 
Cost
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
 
 
Basis
 
 
Gains
 
 
Losses
 
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
 
$
31,174,276
 
 
$
149,833
 
 
$
(15,271
)
 
$
31,308,838
 
U.S. treasury securities
 
 
1,967,031
 
 
 
15,156
 
 
 
-
 
 
 
1,982,187
 
U.S. government agency bonds
 
 
4,099,321
 
 
 
34,565
 
 
 
-
 
 
 
4,133,886
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
37,240,628
 
 
$
199,554
 
 
$
(15,271
)
 
$
37,424,911
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
Available-for-Sale Securities – December 31, 2018
 
 
 
Amortized
 
 
Gross
 
 
Gross
 
 
 
 
 
 
Cost
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
 
 
Basis
 
 
Gains
 
 
Losses
 
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
 
$
38,579,541
 
 
$
48,796
 
 
$
(49,282
)
 
$
38,579,055
 
U.S. treasury securities
 
 
2,959,063
 
 
 
11,837
 
 
 
-
 
 
 
2,970,900
 
U.S. government agency bonds
 
 
4,099,321
 
 
 
15,691
 
 
 
-
 
 
 
4,115,012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
45,637,925
 
 
$
76,324
 
 
$
(49,282
)
 
$
45,664,967
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of available for sale securities classified by contractual maturity
The following table sets forth a summary of the Company’s available-for-sale securities in its short-term investment account for amortized cost basis and fair value by contractual maturity at March 31, 2019 and December 31, 2018:
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-Sale Securities
 
 
Available-for-Sale Securities
 
 
 
March 31, 2019
 
 
December 31, 2018
 
 
 
Amortized
 
 
 
 
 
Amortized
 
 
 
 
 
 
Cost Basis
 
 
Fair Value
 
 
Cost Basis
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Due in one year or less
 
$
32,512,234
 
 
$
32,664,641
 
 
$
43,050,306
 
 
$
43,082,677
 
Due after one year through two years
 
 
4,728,394
 
 
 
4,760,270
 
 
 
2,587,619
 
 
 
2,582,290
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
37,240,628
 
 
$
37,424,911
 
 
$
45,637,925
 
 
$
45,664,967