MARKETABLE SECURITIES (Tables)

6 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Contractual maturities of marketable securities

The following table shows the major categories of our marketable securities and their contractual maturities as of September 30, 2023:

	Total		<1 Year		1–3 Years		3–6 Years
Money market funds	$	6,853,047	$	6,853,047	$	—	$	—
Corporate bonds		46,847,355		7,224,056		27,387,122		12,236,177
Total	$	53,700,402	$	14,077,103	$	27,387,122	$	12,236,177

Fair values of our marketable securities aggregated by credit rating

Credit Rating	Fair Value
AAA	$	8,134,255
AA		6,622,847
AA-		20,699,684
A+		2,833,709
A		9,467,058
A-		5,942,849
Total	$	53,700,402

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

The following table shows the estimated fair value of our marketable securities, aggregated by fair value hierarchy inputs used in estimating their fair values:

	As of September 30, 2023						As of March 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Money market funds	$	6,853,047	$	—	$	6,853,047	$	906,141	$	—	$	906,141
Corporate bonds		—		46,847,355		46,847,355		—		51,638,142		51,638,142
Total	$	6,853,047	$	46,847,355	$	53,700,402	$	906,141	$	51,638,142	$	52,544,283

The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023:

The following table shows the amortized cost, fair value, and gross unrealized holding gains and losses of our marketable securities as of September 30 and March 31, 2023:

	As of September 30, 2023									As of March 31, 2023
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Money market funds	$	6,853,047	$	—	$	—		$	6,853,047	$	906,141	$	—	$	—		$	906,141
Corporate bonds		48,770,226		1		(1,922,872	)		46,847,355		53,191,981		1,007		(1,554,846	)		51,638,142
Total	$	55,623,273	$	1	$	(1,922,872	)	$	53,700,402	$	54,098,122	$	1,007	$	(1,554,846	)	$	52,544,283

Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded

 Gross unrealized holding losses and estimated fair value of marketable securities for which an allowance for credit losses has not been recorded

	Less Than 12 Months					12 Months or Greater					Total
	Estimated Fair Value		Gross Unrealized Holding Losses			Estimated Fair Value		Gross Unrealized Holding Losses			Estimated Fair Value		Gross Unrealized Holding Losses
As of September 30, 2023
Corporate bonds	$	6,998,824	$	(86,868	)	$	39,848,531	$	(1,836,004	)	$	46,847,355	$	(1,922,872	)
Total	$	6,998,824	$	(86,868	)	$	39,848,531	$	(1,836,004	)	$	46,847,355	$	(1,922,872	)
As of March 31, 2023
Corporate bonds	$	37,084,628	$	(590,967	)	$	13,294,817	$	(963,879	)	$	50,379,445	$	(1,554,846	)
Total	$	37,084,628	$	(590,967	)	$	13,294,817	$	(963,879	)	$	50,379,445	$	(1,554,846	)

Unrealized losses on our marketable securities and their tax effects are as follows:

Unrealized losses on our marketable securities and their tax effects are as follows:

	Quarter Ended September 30,
	2023			2022
Unrealized loss from marketable securities	$	(68,597	)	$	(252,894	)
Tax effects		15,009			55,333
Unrealized loss from marketable securities, net of tax	$	(53,588	)	$	(197,561	)

	Six Months Ended September 30,
	2023			2022
Unrealized loss from marketable securities	$	(369,034	)	$	(1,876,491	)
Tax effects		80,745			410,576
Unrealized loss from marketable securities, net of tax	$	(288,289	)	$	(1,465,915	)