Cash, Cash Equivalents and Short-Term Investments

3 Months Ended

Mar. 31, 2017

Cash, Cash Equivalents and Short-Term Investments [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash, cash equivalents and short-term investments (at amortized cost plus accrued interest) consisted of the following:

	As of March 31, 2017		As of December 31, 2016		(Decrease)
Cash and cash equivalents	$	4,252,020	$	5,150,344	$	(898,324	)
Short-term investments		2,978,355		5,474,013		(2,495,658	)
Total	$	7,230,375	$	10,624,357	$	(3,393,982	)

Held to maturity securities (certificates of deposit) are carried at amortized cost. The cost of securities sold is determined based on the specific identification method. Realized gains and losses, and declines in value judged to be other than temporary, are included in investment income. As of March 31, 2017 and December 31, 2016, the fair value of held to maturity securities consisted of the following:

	As of March 31, 2017			As of December 31, 2016
Amortized cost	$	2,968,000		$	5,450,000
Accrued interest		10,355			24,013
Gross unrealized gains		590			2,073
Gross unrealized losses		(27	)		(59	)
Estimated fair value	$	2,978,918		$	5,476,027