Available for Sale Securities

3 Months Ended

Mar. 31, 2019

Investments Debt And Equity Securities [Abstract]

Note 5. Available-for-Sale Securities

The Company’s portfolio of available-for-sale securities consists of U.S. Treasuries and high credit quality corporate debt securities. The following is a summary of the Company’s available-for-sale securities at March 31, 2019 and December 31, 2018:

	March 31, 2019
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
	Cost		Gains		Losses		Amount)
U.S. Treasury securities	$	2,571,615	$	981	$	—	$	2,572,596
Corporate debt securities		15,484,077		—		—		15,484,077
Total available-for-sale securities	$	18,055,692	$	981	$	—	$	18,056,673

	December 31, 2018
			Gross		Gross			Fair Value
	Amortized		Unrealized		Unrealized			(Net Carrying
	Cost		Gains		Losses			Amount)
U.S. Treasury securities	$	6,032,844	$	—	$	(1,329	)	$	6,031,515
Corporate debt securities		16,650,513		—		(979	)		16,649,534
Total available-for-sale securities	$	22,683,357	$	—	$	(2,308	)	$	22,681,049

There were no gross unrealized losses relating to the Company’s available-for-sale securities investments as of March 31, 2019. The net adjustment to unrealized holding gains (losses) on available-for-sale securities, net of tax in other comprehensive income totaled $3,353 and ($11,151) for the three months ended March 31, 2019 and 2018, respectively.

Contractual maturities of debt investment securities at March 31, 2019 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
U.S. Treasury securities	$	2,572,596	$	—	$	2,572,596
Corporate debt securities		15,484,077		—		15,484,077
Total available-for-sale securities	$	18,056,673	$	—	$	18,056,673

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 that the Company will be required to sell the debt securities. The Company did not have any other-than-temporary impairment in its available-for-sale securities at March 31, 2019.