FAIR VALUE MEASUREMENTS AND SHORT-TERM INVESTMENTS (Tables)
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3 Months Ended |
Mar. 31, 2019 |
Fair Value Disclosures [Abstract] |
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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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Short-term investment securities: | | | | | | | | | | | | | | | | | Money market funds | | $ | 13,838,984 | | | $ | - | | | $ | - | | | $ | 13,838,984 | | Corporate bonds | | | | | | | | | | | | | | | | | U.S. treasury securities | | | | | | | | | | | | | | | | | U.S. government agency bonds | | | | | | | | | | | | | | | | | Total short-term investment securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock warrant | | | | | | | | | | | | | | | | |
| | Asset and Liabilities at Fair Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Short-term investment securities: | | | | | | | | | | | | | | | | | Money market funds | | $ | 10,083,972 | | | $ | - | | | $ | - | | | $ | 10,083,972 | | Corporate bonds | | | | | | | | | | | | | | | | | U.S. treasury securities | | | | | | | | | | | | | | | | | U.S. government agency bonds | | | | | | | | | | | | | | | | | Total short-term investment securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment: | | | | | | | | | | | | | | | | | Stock warrant | | | | | | | | | | | | | | | | |
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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 | | | | | Unrealized gain as a result of change in fair value | | | | | Fair value at December 31, 2018 | | | | | Unrealized gain as a result of change in fair value | | | | | Fair value at March 31, 2019 | | | | |
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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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government agency bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Available-for-Sale Securities – December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government agency bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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