Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2022 and December 31, 2021:

As of September 30, 2022:

			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	September 30, 2022		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	222,933,723	$	222,933,723	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,732,547		1,732,547		—		—
Corporate Bonds	5,446,048		—		5,446,048		—
Government Securities	2,209,331		—		2,209,331		—
Municipal Bonds	3,509,688		—		3,509,688		—
Other	1,230,180		1,230,180		—		—
Long-Term Investments:
Asset Backed Securities	20,942,859		—		20,942,859		—
Certificate of Deposit	238,793		238,793		—		—
Corporate Bonds	34,522,617		—		34,522,617		—
Government Securities	37,693,740		—		37,693,740		—
Municipal Bonds	48,946,743		—		48,946,743		—
Total	$	379,406,269	$	226,135,243	$	153,271,026	$	—

As of December 31, 2021:

			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2021		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	262,311,670	$	262,311,670	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,507,770		1,507,770		—		—
Corporate Bonds	2,018,440		—		2,018,440		—
Government Securities	—		—		—		—
Municipal Bonds	—		—		—		—
Other	1,897,402		1,897,402		—		—
Long-Term Investments:
Asset-backed Securities	25,799,513		—		25,799,513		—
Certificate of Deposit	2,056,710		2,056,710		—		—
Corporate Bonds	40,354,929		—		40,354,929		—
Governmental Securities	47,944,036		—		47,944,036		—
Municipal Bonds	74,720,480		—		74,720,480		—
Total	$	458,610,950	$	267,773,552	$	190,837,398	$	—

Schedule of Amortized Cost, Unrealized Gains and Losses, And Market Value of Investment Securities

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of September 30, 2022 and December 31, 2021:

As of September 30, 2022:

			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,750,623	$	—	$	(18,076)	$	1,732,547
Corporate Bonds	5,600,869		—		(154,821)		5,446,048
Government Securities	2,211,230		—		(1,899)		2,209,331
Municipal Bonds	3,549,066		—		(39,378)		3,509,688
Other	1,230,180		—		—		1,230,180
Long-Term Investments:
Asset Backed Securities	21,716,039		—		(773,180)		20,942,859
Certificate of Deposit	250,000		—		(11,207)		238,793
Corporate Bonds	39,223,627		—		(4,701,010)		34,522,617
Government Securities	41,116,603		—		(3,422,863)		37,693,740
Municipal Bonds	54,202,144		186,625		(5,442,026)		48,946,743
Total	$	170,850,381	$	186,625	$	(14,564,460)	$	156,472,546

As of December 31, 2021:    

			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,500,543	$	7,227	$	—	$	1,507,770
Corporate Bonds	1,994,639		23,801		—		2,018,440
Other	1,897,402		—		—		1,897,402
Long-Term Investments:
Asset-backed Securities	26,352,630		34,771		(587,888)		25,799,513
Certificate of Deposit	2,001,714		54,996		—		2,056,710
Corporate Bonds	40,716,866		168,416		(530,353)		40,354,929
Government Securities	48,385,672		55,939		(497,575)		47,944,036
Municipal Bonds	72,175,568		2,747,964		(203,052)		74,720,480
Total	$	195,025,034	$	3,093,114	$	(1,818,868)	$	196,299,280

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of September 30, 2022, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	8,189,761	$	112,298,649
Loss duration of greater than one year	6,374,699		42,011,693
Total	$	14,564,460	$	154,310,342

Unrealized losses on investments as of December 31, 2021, are as follows:

	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	1,244,053	$	94,417,123
Loss duration of greater than one year	574,815		6,875,230
Total	$	1,818,868	$	101,292,353

Investments Classified by Contractual Maturity Date

Fixed income securities as of September 30, 2022 have contractual maturities as follows:

Due within one year	$	12,897,614
Due between one and five years	90,409,878
Due over five years	51,934,874
	$	155,242,366