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FAIR VALUE OF FINANCIAL INSTRUMENTS
12 Months Ended
Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS  
FAIR VALUE OF FINANCIAL INSTRUMENTS

4.   FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820, “Fair Value Measurements”, defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements.  ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows:

Level 1 – quoted market prices in active markets for identical assets and liabilities
Level 2 – inputs other than quoted prices that are directly or indirectly observable
Level 3 - unobservable inputs where there is little or no market activity

The following tables summarize the values of assets designated as Investments in debt and equity securities:

December 31, 2022

    

Level 1

    

Level 2

    

Level 3

    

Total

Equity securities

$

27,692,459

$

$

$

27,692,459

Mutual funds

1,302,973

1,302,973

Municipal bonds

661,882

661,882

$

29,657,314

$

$

$

29,657,314

December 31, 2021

    

Level 1

    

Level 2

    

Level 3

    

Total

Equity securities

$

9,112,607

$

$

$

9,112,607

Mutual funds and exchange traded funds

4,156,379

4,156,379

$

13,268,986

$

$

$

13,268,986

These assets are readily marketable and are carried at fair value as of the date of the Balance Sheets. The Company intends to hold these assets for possible future operating requirements.

The following table summarizes gross unrealized gains and losses from Investments in debt and equity securities:

December 31, 2022

Cumulative Unrealized

Aggregate

    

Cost

    

Gains

    

Losses

    

Fair Value

Equity securities

$

22,913,739

$

4,778,720

$

$

27,692,459

Mutual funds

1,252,804

50,169

1,302,973

Municipal bonds

634,455

27,427

661,882

$

24,800,998

$

4,856,316

$

$

29,657,314

December 31, 2021

Cumulative Unrealized

Aggregate

    

Cost

    

Gains

    

Losses

    

Fair Value

Equity securities

$

6,729,245

$

2,383,362

$

$

9,112,607

Mutual funds and exchange traded funds

4,018,488

137,891

4,156,379

$

10,747,733

$

2,521,253

$

$

13,268,986

Unrealized gains on investments were $2,343,359; $513,529; and $1,870,010 for the years ended December 31, 2022, 2021, and 2020, respectively.