Available for Sale Securities

12 Months Ended

Dec. 31, 2016

Investments Debt And Equity Securities [Abstract]

Available for Sale Securities

Note 5. Available for Sale Securities

The Company’s portfolio of available-for-sale securities comprises U.S. Treasuries, U.S. government sponsored agency obligations and high credit quality corporate debt securities. Initial investment in available-for-sale securities was made during the quarter ended June 30, 2015 as a result of funding received through the IPO. The following is a summary of the Company’s available-for-sale securities at December 31, 2016:  

	December 31, 2016
			Gross		Gross			Fair Value
	Amortized		Unrealized		Unrealized			(Net Carrying
	Cost		Gains		Losses			Amount)
U.S. Treasury securities and obligations of U.S. government    agencies	$	1,300,151	$	512	$	—		$	1,300,663
Corporate debt securities		3,005,840		—		(1,602	)		3,004,238
Total available-for-sale securities	$	4,305,991	$	512	$	(1,602	)	$	4,304,901

The following is a summary of the Company’s available-for-sale securities at December 31, 2015:  

	December 31, 2015
			Gross		Gross			Fair Value
	Amortized		Unrealized		Unrealized			(Net Carrying
	Cost		Gains		Losses			Amount)
U.S. Treasury securities and obligations of U.S. government    agencies	$	17,914,136	$	—	$	(26,744	)	$	17,887,392
Corporate debt securities		12,932,629		397		(15,010	)		12,918,016
Total available-for-sale securities	$	30,846,765	$	397	$	(41,754	)	$	30,805,408

The net adjustment to unrealized gain (loss) on short and long-term available-for-sale securities in other comprehensive income (loss) totaled $40,267 and $(41,357), for the years ended December 31, 2016 and 2015, respectively.

Contractual maturities of debt investment securities at December 31, 2016 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.

	2016
Maturing in one year or less	$	4,304,901
Maturing in one to three years		—
Total available-for-sale securities	$	4,304,901

The following table 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 December 31, 2016:

	Under 1 Year					1 to 2 Years				Total
			Gross					Gross				Gross
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Losses			Value		Losses		Value		Losses
U.S. Treasury securities and obligations of U.S.    government agencies	$	—	$	—		$	—	$	—	$	—	$	—
Corporate debt securities		1,304,738		(1,602	)		—		—		1,304,738		(1,602	)
Total available-for-sale securities with unrealized    losses	$	1,304,738	$	(1,602	)	$	—	$	—	$	1,304,738	$	(1,602	)

For debt securities, the Company 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 U.S. Treasury securities, obligations of U.S. government agencies or corporate debt securities for the years ending December 31, 2016 and 2015.