Available for Sale Securities

9 Months Ended

Sep. 30, 2015

Investments Debt And Equity Securities [Abstract]

Available for Sale Securities

Note 5. Available for Sale Securities

The following is a summary of the Company’s available-for-sale securities at September 30, 2015:  

			Gross		Gross			Fair Value
	Amortized		Unrealized		Unrealized			(Net Carrying
	Cost		Gains		Losses			Amount)
US Treasury securities and obligations of US    government agencies	$	18,015,477	$	8,712	$	—		$	18,024,189
Corporate securities		18,458,480		1,179		(5,137	)		18,454,522
Total available-for-sale securities	$	36,473,957	$	9,891	$	(5,137	)	$	36,478,711

The net adjustment to unrealized holding gains (losses) on available-for-sale securities in other comprehensive income totaled $4,754 and $0, for the nine months ended September 30, 2015 and 2014, respectively.

Contractual maturities of debt investment securities at September 30, 2015, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

	Under
	1 Year		1 to 2 Years		Total
US Treasury securities and obligations of US    government agencies	$	13,085,633	$	4,938,556	$	18,024,189
Corporate securities		15,626,126		2,828,396		18,454,522
Total available-for-sale securities	$	28,711,759	$	7,766,952	$	36,478,711

The following tables shows the gross unrealized losses and fair values of the Company’s investments that have unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2015:

	Under 1 Year				1 to 2 Years				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Corporate securities	$	3,430,702	$	5,137	$	—	$	—	$	3,430,702	$	5,137
Total available-for-sale securities with unrealized    losses	$	3,430,702	$	5,137	$	—	$	—	$	3,430,702	$	5,137

For debt securities, management determines whether it intends to sell or if it is more likely than not that it will be required to sell impaired securities. This determination considers current and forecasted liquidity requirements, regulatory and capital requirements and securities portfolio management. For all impaired debt securities for which there was no intent or expected requirement to sell, the evaluation considers all available evidence to assess whether it is likely the amortized cost value will be recovered. The Company conducts a regular assessment of its debt securities with unrealized losses to determine whether securities have other-than-temporary impairment considering, among other factors, the nature of the securities, credit rating or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the debt securities. The Company did not have any other-than-temporary impairment in its corporate debt securities for the period ended September 30, 2015.

The Company began investing in marketable securities upon receipt of proceeds from its IPO in May 2015.  Prior to that date, the Company did not have any investments in marketable securities.