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Marketable Securities
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Note 3 - Marketable Securities
 
Marketable securities consist of the following as of June 30, 2018 and December 31, 2017:
 
 
 
June 30, 2018
 
 
 
Amortized Cost
 
 
Gross

‎
Unrealized

‎
Gain
(1)
 
 
Gross

‎
Unrealized

‎
Loss
(1)
 
 
Fair Value
 
Short-term available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
 
$
35,562,134
 
 
$
5,122
 
 
$
(179,540
)
 
$
35,387,716
 
Commercial paper
 
 
2,078,212
 
 
 
14,537
 
 
 
-
 
 
 
2,092,749
 
U.S.Treasury Securities
 
 
998,672
 
 
 
968
 
 
 
-
 
 
 
999,640
 
Total short-term available-for-sale securities
 
$
38,639,018
 
 
$
20,627
 
 
$
(179,540
)
 
$
38,480,105
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
 
$
2,207,073
 
 
$
-
 
 
$
(2,970
)
 
$
2,204,103
 
Total
 
$
40,846,091
 
 
$
20,627
 
 
$
(182,510
)
 
$
40,684,208
 
 
 
(1)
Gross unrealized gain (loss) is 
pre-tax.
 
 
 
December 31, 2017
 
 
 
Amortized Cost
 
 
Gross

‎
Unrealized

‎
Gain 
(1)
 
 
Gross

‎
Unrealized

‎
Loss 
(1)
 
 
Fair Value
 
Short-term available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
 
$
38,092,585
 
 
$
5,635
 
 
$
(183,738
)
 
$
37,914,482
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
 
 
3,357,778
 
 
 
-
 
 
 
(10,565
)
 
 
3,347,213
 
Total
 
$
41,450,363
 
 
$
5,635
 
 
$
(194,303
)
 
$
41,261,695
 
 
(1)
Gross unrealized gain (loss) is pre-tax.
 
The contractual term to maturity of short-term marketable securities held by the Company as of June 30, 2018 is less than one year. The weighted average contractual term to maturity of long-term marketable securities held by the Company is approximately one year as of June 30, 2018.
 
The fair value of marketable securities was classified into fair value measurement categories as of June 30, 2018 and December 31, 2017 as follows:
 
 
 
June 30,
 
 
December 31,
 
 
 
2018
 
 
2017
 
Quoted prices in active markets for identical assets (Level 1)
 
$
-
 
 
$
-
 
Quoted prices for similar assets observable in the marketplace (Level 2)
 
 
40,684,208
 
 
 
41,261,695
 
Significant unobservable inputs (Level 3)
 
 
-
 
 
 
-
 
Total
 
$
40,684,208
 
 
$
41,261,695
 
 
The fair values of marketable securities are determined using quoted market prices from daily exchange traded markets based on the closing prices as of June 30, 2018 and December 31, 2017.
 
There were no transfers of marketable securities between Levels 1, 2 or 3 for the six months ended June 30, 2018 and 2017.
 
The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2018.
 
 
 
Less than 12 Months
 
 
12 Months or More
 
 
Total
 
 
 
Fair Value
 
 
Unrealized Losses
 
 
Fair Value
 
 
Unrealized Losses
 
 
Fair Value
 
 
Unrealized Losses
 
Corporate bonds
 
$
31,221,671
 
 
$
(177,650
)
 
$
999,150
 
 
$
(4,860
)
 
$
32,220,821
 
 
$
(182,510
)
Total
 
$
31,221,671
 
 
$
(177,650
)
 
$
999,150
 
 
$
(4,860
)
 
$
32,220,821
 
 
$
(182,510
)
 
The Company has determined that the unrealized losses are deemed to be temporary as of June 30, 2018. The Company believes that the unrealized losses generally are caused by increases in the risk premiums required by market participants rather than an adverse change in cash flows or a fundamental weakness in the credit quality of the issuer or underlying assets. Because the Company has the ability and intent to hold these investments until a recovery of fair value, which may be maturity, it does not consider the investment in corporate bonds to be other-than-temporarily impaired at June 30, 2018.