SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Maturities

The schedule of maturities at June 30, 2020 and December 31, 2019 are as follows:

	Maturities as of				Maturities as of
	June 30, 2020				December 31, 2019
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	10,468,782	$	2,292,620	$	11,341,249	$	—
Government agency bonds		3,415,943		3,500,000		11,950,738		6,231,804
US Treasury bonds		6,016,914		—		—		—
Corporate bonds		57,296,635		13,924,557		57,321,784		6,675,958
Certificates of deposit		4,982,510		1,074,101		3,626,147		3,661,262
Total	$	82,180,784	$	20,791,278	$	84,239,918	$	16,569,024

Fair Value Assets Measured on Recurring Basis

As of June 30, 2020, 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, 2020 and December 31, 2019:

June 30, 2020	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	8,058,112	$	8,058,112	$	—	$	—
Investments	Certificates of Deposit		6,056,611		6,056,611		—		—
Cash equivalents	Municipal Bonds		2,248,333				2,248,333
Investments	Municipal Bonds		12,761,402		—		12,761,402		—
Investments	Government Agency Bonds		6,915,943		—		6,915,943		—
Investments	US Treasury Bonds		6,016,914		—		6,016,914		—
Investments	Corporate Bonds		71,221,192		—		71,221,192		—

December 31, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	950,658	$	950,658	$	—	$	—
Investments	Certificates of Deposit		7,287,409		7,287,409		—		—
Investments	Municipal Bonds		11,341,249		—		11,341,249		—
Investments	Government Agency Bonds		18,182,542		—		18,182,542		—
Investments	Corporate Bonds		63,997,742		—		63,997,742		—

Restricted Stock Awards Activity

A summary of the restricted stock awards activity during the six months ended June 30, 2020 is presented below:

		Weighted-
		Average Grant
		Date Fair Value
	Restricted Stock	Per Share
Nonvested at December 31, 2019	10,450	$	60.47
Issued	5,036		55.71
Vested	(11,450)		59.60
Forfeited	—		—
Nonvested at June 30, 2020	4,036	$	57.00

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, 2020 were as follows:

		Six Months Ended
		June 30, 2020
Risk-free interest rate		0.34% - 1.61%
Expected term of option		5.5 - 6.25 years
Expected stock price volatility		39.5% - 41.5%
Expected dividend yield	$	0.0

Stock Option Activity

A summary of our stock option activity during the six months ended June 30, 2020 is presented below:

				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Shares	Exercise Price		Contractual Term	Value
Outstanding at December 31, 2019	189,187	$	46.79	8.62	$	1,920,684
Grants	182,000		61.37	—		—
Exercised	(1,500)		41.15	—		—
Forfeited	(137,500)		55.79	—		—
Outstanding at June 30, 2020	232,187	$	56.02	8.12	$	1,222,261
Exercisable at June 30, 2020	52,687	$	39.70	2.50	$	1,136,761

Maturity of Lease Obligations

The following table summarizes the maturity of the Company’s lease obligations on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our balance sheet as of June 30, 2020 and December 31, 2019:

	June 30, 2020		December 31, 2019
2020	$	41,210	$	75,352
2021		84,893		84,893
2022		87,428		87,428
Total lease payments		213,531		247,673
Less: interest		(8,149)		(11,560)
Total lease obligation	$	205,382	$	236,113