Investments, Debt and Equity Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

4. Securities

The Company's marketable debt securities are classified as either held-to-maturity (HTM) or available-for-sale (AFS) pursuant to ASC 320 - Investments - Debt Securities. HTM securities are valued at amortized cost. The following tables summarize the valuations of HTM securities as of March 31, 2023 and December 31, 2022.

	March 31, 2023
Held-to-maturity securities	Amortized Cost		Credit Losses		Estimated Fair Value
U.S. government bonds	$	1,484,977	$	—	$	1,484,625
Corporate bonds	4,026,570		—		3,894,100
Commercial paper	2,962,358		—		2,958,894
Total	$	8,473,905	$	—	$	8,337,619

    

	December 31, 2022
Held-to-maturity securities	Amortized Cost		Credit Losses		Estimated Fair Value
U.S. government bonds	$	3,457,651	$	—	$	3,456,580
Corporate bonds	4,011,569		—		3,950,380
Commercial paper	9,395,487		—		9,387,914
Total	$	16,864,707	$	—	$	16,794,874

The following table summarizes the valuations and unrealized gains and losses of AFS securities which are recorded at estimated fair value as of March 31, 2023. The Company held no AFS securities as of December 31, 2022.

	March 31, 2023
			Gross Unrealized
Available-for-sale securities	Amortized Cost		Gains		Losses		Credit Losses		Estimated Fair Value
U.S. government bonds	$	5,953,685	$	36,576	$	—	$	—	$	5,990,260
Corporate bonds	—		—		—		—		—
Commercial paper	3,383,300		29,298		—		—		3,412,598
Total	$	9,336,985	$	65,874	$	—	$	—	$	9,402,858

The Company evaluates all HTM and AFS securities for impairment at each reporting period. It determined that changes in the fair value of its securities at March 31, 2023 resulted primarily from interest rate fluctuations subsequent to the purchase date of the securities. There was no deterioration in the credit worthiness of the issuers and no credit losses were recorded as of March 31, 2023.