INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE

3. INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE

Investments in debt securities available for sale with a fair value of $9,857,087 and $21,254,485 as of December 31, 2023 and 2022, respectively, consisted of U.S. Treasury securities and corporate debt securities. These investments are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in accumulated other comprehensive loss.

The Company reviews its debt securities classified as short-term investments on a regular basis for impairment. For debt securities in unrealized loss positions, the Company determines whether any portion of the decline in fair value below the amortized cost basis is due to credit-related factors if it neither intends to sell nor anticipates that it is more likely than not that it will be required to sell prior to recovery of the amortized cost basis. The Company considers factors such as the extent to which the market value has been less than the cost, any noted failure of the issuer to make scheduled payments, changes to the rating of the security and other relevant credit-related factors in determining whether or not a credit loss exists. During fiscal 2023 and 2022, the Company did not recognize an allowance for credit-related losses on any of our investments.

A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows:

	December 31, 2023				December 31, 2022
	Cost		Fair Value		Cost		Fair Value
Short-term investments
U.S. Treasury securities	$	9,796,291	$	9,857,087	$	-	$	-
Corporate debt securities		-		-		21,227,991		21,254,485
Total	$	9,796,291	$	9,857,087	$	21,227,991	$	21,254,485

	December 31, 2023				December 31, 2022
	Cost		Fair Value		Cost		Fair Value
Short-term investment maturities
Within 3 months	$	2,467,518	$	2,490,775	$	4,005,559	$	3,994,590
Between 3-12 months		7,328,773		7,366,312		17,222,432		17,259,895
Total	$	9,796,291	$	9,857,087	$	21,227,991	$	21,254,485

The following table shows the Company’s investment in debt securities available for sale gross unrealized gains (losses) and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2023 and 2022. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.

	December 31, 2023				December 31, 2022
Available for sale securities (all unrealized holding gains and losses are less than 12 months at date of measurement)	Fair Value		Unrealized Holding Gains (Losses)		Fair Value		Unrealized Holding Gains (Losses)
Investments in debt securities with unrealized gains	$	9,857,087	$	60,796	$	13,278,505	$	43,508
Investments in debt securities with unrealized losses		-	$	-		7,975,980		(17,014	)
Total	$	9,857,087	$	60,796	$	21,254,485	$	26,494

Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows:

	2023		2022
Interest and dividends accrued and paid	$	725,824	$	502,578
Realized losses		431,801		(49,222	)
Investment income, net	$	1,157,625	$	453,356