Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of March 31, 2023:

	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Marketable Securities (1)		Non-Current Marketable Securities (2)
Cash	$	6,780,791	$	—	$	—	$	6,780,791	$	6,780,791	$	—	$	—
Level 1 (3)
Commercial paper	19,377,951		2,218		(4,750)		19,375,419		19,375,419		—		—
US Treasury securities	12,044,919		58,862		(206,439)		11,897,342		—		4,980,648		6,916,694
Subtotal	31,422,870		61,080		(211,189)		31,272,761		19,375,419		4,980,648		6,916,694
Level 2 (4)
Asset backed securities	9,192,459		40,850		(154,691)		9,078,618		—		3,753,559		5,325,059
Corporate debt securities	20,716,415		84,167		(474,832)		20,325,750		—		8,683,980		11,641,770
Subtotal	29,908,874		125,017		(629,523)		29,404,368		—		12,437,539		16,966,829
Total	$	68,112,535	$	186,097	$	(840,712)	$	67,457,920	$	26,156,210	$	17,418,187	$	23,883,523

(1) Current Marketable Securities have a holding period under one year.

(2) Non-Current Marketable Securities have a holding period over one year. The securities held by IZEA Worldwide, Inc. mature between one and five years.

(3) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities.

(4) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities.

Fair Value of Investments in Marketable Debt Securities

The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates:

	March 31, 2023		December 31, 2022
Due in 1 year or less	$	17,418,187	$	16,106,758
Due in 1 year through 5 years	23,883,523		29,296,069
Total	$	41,301,710	$	45,402,827

Schedule of Unrealized Loss on Investments

The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category:

	March 31, 2023				December 31, 2022
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
Cash and cash equivalents	$	26,156,210	$	(2,532)	$	24,600,960	$	(2,131)
Government bonds	11,897,342		(147,577)		11,765,597		(206,439)
Corporate debt securities	20,325,750		(390,665)		21,618,613		(417,649)
Asset backed securities	9,078,618		(113,841)		12,018,617		(154,576)
Total	$	67,457,920	$	(654,615)	$	70,003,787	$	(780,795)