SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Maturities

The following table presents the Company’s schedule of maturities at March 31, 2019 and December 31, 2018:

	Maturities as of March 31, 2019				Maturities as of December 31, 2018
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	11,560,848	$	-	$	1,295,350	$	-
Corporate bonds		49,787,288		3,435,177		61,321,162		1,099,834
Certificates of deposit		5,551,524		199,938		5,090,631
Total	$	66,899,660	$	3,635,115	$	67,707,143	$	1,099,834

Fair Value Assets Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for these financial assets as of March 31, 2019 and December 31, 2018:

March 31, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	10,370,601	$	10,370,601	$	-	$	-
Cash equivalents	Municipal Bonds		330,000		330,000		-		-
Investments	Municipal Bonds		11,560,848		-		11,560,848		-
Investments	Corporate Bonds		53,222,465		-		53,222,465		-
Investments	Certificates of Deposit		5,751,462		5,751,462		-		-

December 31, 2018	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	6,078,025	$	6,078,025	$	-	$	-
Investments	Municipal Bonds		1,295,350		-		1,295,350		-
Investments	Corporate Bonds		62,420,996		-		62,420,996		-
Investments	Certificates of Deposit		5,090,631		5,090,631		-		-

Stock Option Activity

A summary of our stock option activity during the three months ended March 31, 2019 is presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2018		175,500		$	37.73		6.33	$	4,014,235
Grants		-			-		-		-
Exercised		(2,000	)		29.21		-		66,240
Outstanding at March 31, 2019		173,500		$	37.83		6.14	$	4,251,610
Exercisable at March 31, 2019		92,000		$	26.13		3.51	$	3,330,690