Cash, Cash Equivalents and Short-Term Investments

9 Months Ended

Sep. 30, 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 September 30,  2017		As of December 31,  2016		(Decrease)
Cash and cash equivalents	$	2,305,264	$	5,150,344	($	2,845,080	)
Short-term investments		-		5,474,013		(5,474,013	)
Total	$	2,305,264	$	10,624,357	($	8,319,093	)

Held to maturity securities (certificates of deposit) are carried at amortized cost. Short-term investments were liquidated to finance the investment in our Nisin production facility. 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.

The fair value of held to maturity securities consisted of the following:

	As of September 30, 2017		As of December 31, 2016			(Decrease) Increase
Amortized cost		-	$	5,450,000		($	5,450,000	)
Accrued interest		-		24,013			(24,013	)
Gross unrealized gains		-		2,073			(2,073	)
Gross unrealized losses		-		(59	)		59
Estimated fair value		-	$	5,476,027		($	5,476,027	)