Investments

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments.

Available-for-sale investments by security type were as follows:

	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
At March 31, 2020:
U.S. Treasuries – Cash equivalents	$	69,997,200	$	83,751	$	—	$	69,913,449
At December 31, 2019:
U.S. Treasuries – Cash equivalents	$	59,932,200	$	2,042	$	—	$	59,930,158
U.S. Treasuries – ST		5,007,050		7,463		—		4,999,587
Total	$	64,939,250	$	9,505	$	—	$	64,929,745

There were no realized gains or losses from available-for-sale securities for the three months ended March 31, 2020 or March 31, 2019.

The Company did not hold any securities in an unrealized position for more than 12 months as of March 31, 2020.

The estimated fair values of available-for-sale securities at March 31, 2020, by contractual maturity, are summarized as follows:

	March 31, 2020
Due in one year or less	$	69,997,200