Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 and December 31, 2019 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
September 30, 2020
Cash equivalents:
Money market mutual fund	$	92,640,646	$	—	$	—	$	92,640,646
Marketable equity securities:
Mutual funds		14,527,352		—		—		14,527,352
Available-for-sale debt securities:
U.S. Treasury notes		26,425,170		—		—		26,425,170
	$	133,593,168	$	—	$	—	$	133,593,168

	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