Note 4 - Cash, Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Cash, Cash Equivalents, and Marketable Securities [Text Block]

4. Cash, cash equivalents and marketable securities

	December 31,
	2022		2021
Cash in banking institutions	$	1,586,920	$	30,308,075
Money market funds		8,526,786		7,005,483
Total	$	10,113,706	$	37,313,558

The following is a summary of the Company's marketable securities as of December 31, 2022:

	Amortized cost		Unrealized gains		Unrealized losses			Fair Value
Commercial paper	$	9,445,220	$	263	$	(21,313	)	$	9,424,170
U.S. treasury bonds		2,999,095		—		(14,325	)		2,984,770
Total	$	12,444,315	$	263	$	(35,638	)	$	12,408,940

The Company did not have any marketable securities as of December 31, 2021. The Company's marketable securities generally have contractual maturity dates between 3 and 12 months. All but one of the Company’s marketable securities are in an unrealized loss position at December 31, 2022. Unrealized losses on marketable securities as of December 31, 2022 were $35,638 and were primarily due to changes in interest rates, and not due to increased credit risks associated with specific securities. Accordingly, no other-than-temporary impairment was recorded for the year ended December 31, 2022 and there were no realized gains or losses recorded during the year ended December 31, 2022.