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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Maturities
The following table presents the Company’s schedule of maturities at September 30, 2019 and December 31, 2018:

  
Maturities as of
September 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
 
$
4,234,076
  
$
6,228,685
  
$
-
  
$
-
 
Municipal bonds
  
6,593,224
   
545,265
   
1,295,350
   
-
 
Corporate bonds
  
56,061,185
   
5,948,250
   
61,321,162
   
1,099,834
 
Certificates of deposit
  
2,201,239
   
3,770,328
   
5,090,631
   
-
 
Total
 
$
69,089,724
  
$
16,492,528
  
$
67,707,143
  
$
1,099,834
 
Fair Value Assets Measured on Recurring Basis
As of September 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 September 30, 2019 and December 31, 2018:

September 30, 2019
Type of Instrument
 
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
Cash equivalents
Institutional Money Market
 
$
2,433,542
  
$
2,433,542
  
$
-
  
$
-
 
Cash equivalents
U.S. Government Agency
 
$
3,995,097
  
$
3,995,097
         
Investments
U.S. Government Agency
  
10,462,761
   
-
   
10,462,761
   
-
 
Investments
Municipal Bonds
  
7,138,489
   
-
   
7,138,489
   
-
 
Investments
Corporate Bonds
  
62,009,435
   
-
   
62,009,435
   
-
 
Investments
Certificates of Deposit
  
5,971,567
   
5,971,567
   
-
   
-
 

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
   
-
   
-
 
Restricted Stock Awards Activity
A summary of the restricted stock awards activity during the nine months ended September 30, 2019 is presented below:

  

Restricted Stock
  
Weighted-Average Grant Date Fair Value Per
Share
 
Nonvested at December 31, 2018
  
-
  
$
-
 
Issued
  
9,950
   
60.85
 
Vested
  
-
   
-
 
Forfeited
  
-
   
-
 
Nonvested at September 30, 2019
  
9,950
  
$
60.85
 
Assumptions Used to Estimate the Fair Values of the Stock Options Granted
The assumptions used in the valuation of stock options granted during the nine months ended September 30, 2019 were as follows:
 
 


 
Nine Months Ended
September 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 nine months ended September 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
  
(73,063
)
  
29.20
   
-
   
2,229,195
 
Forfeitures
  
(11,250
)
  
41.82
   
-
   
-
 
Outstanding at September 30, 2019
  
101,187
  
$
46.26
   
7.63
  
$
1,061,135
 
Exercisable at September 30, 2019
  
28,812
  
$
21.74
   
3.96
  
$
915,593