Cash, Cash Equivalents and Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2019

Cash, Cash Equivalents and Short-Term Investments

Schedule of cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of December 31, 2019 and 2018:

	Carrying Value
	2019		2018
Cash	$	3,546,893	$	37,223,698
Cash equivalents:
Money market mutual fund		43,687,877		103,427
Total cash and cash equivalents		47,234,770		37,327,125
Short-term investments:
U.S. Treasury notes and bills		21,094,100		7,925,975
Mutual funds		25,966,686		2,004,993
Total short-term investments		47,060,786		9,930,968
Cash, cash equivalents and short-term investments	$	94,295,556	$	47,258,093

Schedule of available-for-sale investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2019 were as follows:

	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
U.S. Treasury notes		21,121,659		26,552		(54,111)		21,094,100
Total available-for-sale investments	$	21,121,659	$	26,552	$	(54,111)	$	21,094,100

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2018 were as follows:

	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
U.S. Treasury bills	$	2,948,777	$	19,523	$	—	$	2,968,300
U.S. Treasury notes		4,953,616		4,059		—		4,957,675
Total available-for-sale investments	$	7,902,393	$	23,582	$	—	$	7,925,975

Schedule of investments based on stated contractual maturities

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2019:

	Amortized Cost		Fair Value
Due within one year	$	12,043,525	$	12,046,700
Due between one and two years		9,078,134		9,047,400
Total	$	21,121,659	$	21,094,100

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2018:

	Amortized Cost		Fair Value
Due within one year	$	5,913,327	$	5,936,515
Due between one and two years		1,989,066		1,989,460
Total	$	7,902,393	$	7,925,975

Schedule of unrealized gains (losses) on investments

Unrealized gains (losses) during 2019 and 2018 related to equity securities held at December 31, 2019 and 2018 are as follows:

	2019		2018
Net gains (losses) recognized during the year on equity securities	$	(101,674)	$	(16,233)
Less: net gains (losses) recognized during the year on equity securities sold during the year		—		—
Unrealized gains (losses) recognized during the year on equity securities still held at December 31, 2019 and 2018	$	(101,674)	$	16,233