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.