SHORT-TERM INVESTMENTS

9 Months Ended

Jun. 30, 2023

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

4.     SHORT-TERM INVESTMENTS

Short-term investments consist of guaranteed investment certificates (“GICs”) held at financial institutions purchased in accordance with the Company’s treasury policy. These GICs and term deposits bear interest at 4.23%-4.85% per annum and have maturities of up to 12 months.

Short-term investments also consist of U.S. treasury securities, corporate debt securities and commercial paper. The Company has classified these investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investment securities as current assets. Those investments with maturity dates of three months or less at the date of purchase are presented as cash equivalents in the accompanying balance sheets. Short-term investments are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive loss as a component of shareholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized or accreted to investment income as an adjustment to yield using the straight-line method over the life of the instrument. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded as investment income.

		As of June 30, 2023
		Amortized	Unrealized					Accrued		Estimated
		Cost		Gains		Losses		Investment Income		Fair Value
U.S. Treasury securities	$	71,863,705	$	—	$	(44,453)	$	303,365	$	72,122,617
GICs and Term deposits		40,578,413		—		—		219,276		40,797,689
Corporate debt securities		1,079,832		—		(14)		1,799		1,081,617
Balance, end of period	$	113,521,950	$	—	$	(44,467)	$	524,440	$	114,001,923
		As of September 30, 2022
		Amortized	Unrealized					Accrued		Estimated
		Cost		Gains		Losses		Investment Income		Fair Value
GICs and Term deposits	$	89,688,690	$	—	$	—	$	316,960	$	90,005,650
U.S. Treasury securities		11,149,053		—		(39,590)		39,720		11,149,183
Corporate debt securities		3,034,417		—		(19,076)		29,258		3,044,599
Commercial paper		5,961,597		—		—		—		5,961,597
Balance, end of period	$	109,833,757	$	—	$	(58,666)	$	385,938	$	110,161,029

As of June 30, 2023, short-term investments have an aggregate fair market value of $114.0 million (September 30, 2022 – $110.2 million) were in an aggregate gross unrealized loss position of $44,467 (September 30, 2022 - $58,666). The Company considers the decline in market value for the securities to be primarily attributable to current economic and market conditions. These particular investments have been in an unrealized loss position for less than 12 months and it is not more likely than not that the Company will be required to sell any of its securities prior to maturity. Accordingly, no allowance for credit losses has been recorded as of June 30, 2023 and no realized gains or losses on sales of short-term investments have been recorded through June 30, 2023.