Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements

Schedule of fair value hierarchy

The carrying values of our assets that are required to be measured at fair value on a recurring basis as of December 31, 2019 and 2018 approximate fair value because of our ability to immediately convert these instruments into cash with minimal expected change in value which are classified in the table below in one of the three categories of the fair value hierarchy described above:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
December 31, 2019
Cash equivalents:
Money market mutual fund	$	43,687,877	$	—	$	—	$	43,687,877
Marketable equity securities:
Mutual funds		25,966,686		—		—		25,966,686
Available-for-sale debt securities:
U.S. Treasury notes		21,094,100		—		—		21,094,100
	$	90,748,663	$	—	$	—	$	90,748,663

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
December 31, 2018
Cash equivalents:
Money market mutual fund	$	103,427	$	—	$	—	$	103,427
Marketable equity securities:
Mutual funds		2,004,993		—		—		2,004,993
Available-for-sale debt securities:
U.S. Treasury notes		4,957,675		—		—		4,957,675
U.S. Treasury bills		2,968,300		—		—		2,968,300
	$	10,034,395	$	—	$	—	$	10,034,395