SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

The following table presents the Company’s schedule of maturities at June 30, 2019 and December 31, 2018:

	Maturities as of June 30, 2019				Maturities as of December 31, 2018
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
U.S Government agency	$	1,993,638	$	2,235,124	$	-	$	-
Municipal bonds		10,821,680	$	-		1,295,350		-
Corporate bonds		53,392,333		5,749,303		61,321,162		1,099,834
Certificates of deposit		5,096,537		248,711		5,090,631
Total	$	71,304,188	$	8,233,138	$	67,707,143	$	1,099,834

Fair Value Assets Measured on Recurring Basis

As of June 30, 2019, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company’s fair value hierarchy for these financial assets as of June 30, 2019 and December 31, 2018:

June 30, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	1,267,261	$	1,267,261	$	-	$	-
Investments	U.S. Government Agency		4,228,762		-		4,228,762		-
Investments	Municipal Bonds		10,821,680		-		10,821,680		-
Investments	Corporate Bonds		59,141,636		-		59,141,636		-
Investments	Certificates of Deposit		5,345,248		5,345,248		-		-

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		-		-

Assumptions Used to Estimate the Fair Values of the Stock Options Granted

The assumptions used in the valuation of stock options granted during the six months ended June 30, 2019 were as follows:

	Six Months Ended June 30, 2019
Risk-free interest rate		2.18	%
Expected term of option		6.25 years
Expected stock price volatility		39.5	%
Expected dividend yield	$	0.0

Stock Option Activity

A summary of our stock option activity during the six months ended June 30, 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		10,000			66.40		-		-
Exercised		(58,063	)		29.91		-		1,729,995
Forfeitures		(11,250	)		41.82		-		-
Outstanding at June 30, 2019		116,187		$	43.70		6.89	$	1,926,782
Exercisable at June 30, 2019		92,000		$	23.35		2.84	$	1,593,140