Marketable Investment Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Investment Securities

(4) Marketable Investment Securities

The Company has classified its marketable investment securities as available-for-sale securities, all of which are debt securities. These securities are carried at fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive income (loss) in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security as of September 30, 2023, and December 31, 2022, were as follows:

September 30, 2023	Amortized Cost		Gross unrealized holding gains		Gross unrealized holding losses			Aggregate fair value
Government treasury bills	$	7,181,893	$	-	$	(4,846	)	$	7,177,047
Corporate bonds, notes and commercial paper		3,782,865		-		(2,908	)		3,779,957
U.S. government agency securities		8,825,035		-		(6,749	)		8,818,286
	$	19,789,793	$	-	$	(14,503	)	$	19,775,290

December 31, 2022	Amortized Cost		Gross unrealized holding gains		Gross unrealized holding losses			Aggregate fair value
Government treasury bills	$	5,973,087	$	-	$	(14,087	)	$	5,959,000
Commercial paper		20,052,505		-		(10,885	)		20,041,620
U.S. government agency securities		3,376,139		4,651		-			3,380,790
	$	29,401,731	$	4,651	$	(24,972	)	$	29,381,410

Maturities of debt securities classified as available-for-sale securities as of September 30, 2023, are as follows:

September 30, 2023	Amortized Cost		Aggregate fair value
Due within one year	$	19,789,793	$	19,775,290
	$	19,789,793	$	19,775,290

There were no sales of marketable investment securities during the three and nine months ended September 30, 2023, and 2022 and therefore no realized gains or losses. Additionally, during the three months ended September 30, 2023, and 2022, $6.0 million and $11.5 million of marketable investment securities matured, and during the nine months ended September 30, 2023 and 2022, $23.9 million and $45.3 million of marketable investment securities matured, respectively. The Company determined there were no other-than-temporary impairments for the three and nine months ended September 30, 2023, and 2022.