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

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 and December 31, 2019:

		September 30,		December 31,
	2020		2019
Cash	$	69,346,437	$	3,546,893
Cash equivalents:
Money market mutual fund		92,640,646		43,687,877
Total cash and cash equivalents		161,987,083		47,234,770
Short-term investments:
U.S. Treasury notes		26,425,170		21,094,100
Mutual funds		14,527,352		25,966,686
Total short-term investments		40,952,522		47,060,786
Cash, cash equivalents and short-term investments	$	202,939,605	$	94,295,556

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 September 30, 2020 were as follows:

	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
U.S. Treasury notes	$	26,220,886	$	246,337	$	(42,053)	$	26,425,170
Total available-for-sale investments	$	26,220,886	$	246,337	$	(42,053)	$	26,425,170

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

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 September 30, 2020:

	Amortized Cost		Fair Value
Due within one year	$	14,121,596	$	14,137,570
Due between one and two years		12,099,290		12,287,600
Total	$	26,220,886	$	26,425,170

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

Schedule of unrealized gains (losses) on investments

Unrealized gains (losses) during 2020 related to equity securities held at September 30, 2020 are as follows:

Net losses recognized during the nine months on equity securities	$	(367,010)
Less: net gains (losses) recognized during the period on equity securities sold during the period		(804,772)
Unrealized gains recognized during the nine months on equity securities still held at September 30, 2020	$	437,762