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Note 2 - Cash, Cash Equivalents, and Investments

3 Months Ended

Mar. 31, 2023

Cash, Cash Equivalents, and Marketable Securities [Text Block]

Note 2: Cash, Cash Equivalents, and Investments

The Company’s investments in debt securities are classified as held-to-maturity and are recorded at amortized cost, net of allowance for credit losses, and its investments in money market funds are classified as available-for-sale securities and presented as cash equivalents on the consolidated balance sheets. The following table shows the Company’s cash, available-for-sale securities, and investment securities by major security type as of March 31, 2023, and December 31, 2022:

	*March 31, 2023 (Unaudited)*
				*Allowance*		*Gross*		*Gross*
	*Level*			*for*		*Unrealized*		*Unrealized*
	*(1)*	*Fair Value*		*Credit Losses*		*Holding Gains*		*Holding Losses*			*Adjusted Cost*
Cash and Cash Equivalents
Cash		$	139,306	$	—	$	—	$	—		$	139,306
Money Market Funds ⁽²⁾	1		6,234,784		—		—		—			6,234,784
Subtotal			6,374,090		—		—		—			6,374,090
Short-Term Investment Securities ⁽³⁾
Corporate Bonds ⁽⁴⁾⁽⁵⁾	2		5,340,244		—		1,727		(24,118	)		5,362,635
Total		$	11,714,334	$	—	$	1,727	$	(24,118	)	$	11,736,725

	*December 31, 2022 (Audited)*
				*Allowance*		*Gross*		*Gross*
	*Level*			*for*		*Unrealized*		*Unrealized*
	*(1)*	*Fair Value*		*Credit Losses*		*Holding Gains*		*Holding Losses*			*Adjusted Cost*
Cash and Cash Equivalents
Cash		$	26,782	$	—	$	—	$	—		$	26,782
Money Market Funds ⁽²⁾	1		5,767,490		—		—		—			5,767,490
Subtotal			5,794,272		—		—		—			5,794,272
Short-Term Investment Securities⁽³⁾
Corporate Bonds ⁽⁴⁾⁽⁵⁾	2		6,800,062		—		—		(47,208	)		6,847,270
Total		$	12,594,334	$	—	$	—	$	(47,208	)	$	12,641,542

_________________

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) All of our money market funds were invested in U.S. Government money market funds.

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

(4) For the three months ended March 31, 2023 and 2022, the Company received discounts of $15,233 and paid premiums of $20,850 to purchase held-to-maturity investment securities, respectively. For the year ended December 31, 2022 the Company received discounts of $6,280 to purchase held-to-maturity investment securities.

(5) The Company considers the declines in market value of its investment portfolio to be temporary in nature. As of March 31, 2023 and December 31, 2022, the Company did not consider any of its investments to be other-than-temporarily impaired and no allowance for credit losses was recorded.