Cash, Cash Equivalent, and Investments (Tables)

6 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Available-for-sale Securities, Short-term and Long-term Investment Securities

The following table shows the Company’s cash, available-for-sale securities, and short-term and long-term investment securities by major security type as of June 30, 2020 and December 31, 2019:


	June 30, 2020 (Unaudited)
				Gross		Gross
	Level			Unrealized		Unrealized
	⁽¹⁾	Fair Value		Holding Gains		Holding Losses		Adjusted Cost
Cash and Cash Equivalents
Cash		$	258,470	$	—	$	—	$	258,470
Money Market Funds	1	11,523,079		—		—		11,523,079
Subtotal		11,781,549		—		—		11,781,549
Short-Term Investment Securities ⁽²⁾
Corporate Bonds ⁽⁴⁾	2	20,145,612		96,852		(4,259)		20,053,019


Total		$	31,927,161	$	96,852	$	(4,259)	$	31,834,568


	December 31, 2019 (Audited)
				Gross		Gross
	Level			Unrealized		Unrealized
	⁽¹⁾	Fair Value		Holding Gains		Holding Losses		Adjusted Cost
Cash and Cash Equivalents
Cash		$	1,010,510	$	—	$	—	$	1,010,510
Money Market Funds	1	3,813,034		—		—		3,813,034
Subtotal		4,823,544		—		—		4,823,544
Short-Term Investment Securities ⁽²⁾
Corporate Bonds ⁽⁴⁾	2	29,387,053		5,898		(17,991)		29,399,146
Long-Term Investment Securities ⁽³⁾
Corporate Bonds ⁽⁴⁾	2	1,528,190		16,554		—		1,511,636
Total		$	35,738,787	$	22,452	$	(17,991)	$	35,734,326

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Notes:

(1) Definition of the three-level fair value hierarchy:

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

•Level 2 - Other inputs that are directly or indirectly observable in the markets

•Level 3 - Inputs that are generally unobservable

(2) Short-term investment securities will mature within 12 months or less, from the applicable reporting date.

(3) Long-term investment securities will mature between 12 and 18 months, from the applicable reporting date.

(4) The premium paid to purchase held-to-maturity investment securities was $24,771 and $23,308 for the three months ended June 30, 2020 and 2019, respectively. The premium paid to purchase held-to-maturity investment securities was $221,156 and $104,163 for the six months ended June 30, 2020 and 2019, respectively. The premium paid to purchase held-to-maturity investment securities was $233,550 for the year ended December 31, 2019.