Investments

9 Months Ended

Sep. 30, 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 September 30, 2020:
U.S. Treasuries – Cash equivalents	$	94,992,100	$	—	$	(1,195	)	$	94,993,295
Bond Funds – ST		10,002,749		—		(5,276	)		10,008,025
Total	$	104,994,849	$	—	$	(6,471	)	$	105,001,320
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 or nine months ended September 30, 2020 or 2019. The Company did not hold any securities in an unrealized position for more than 12 months as of September 30, 2020.

The estimated fair values of available-for-sale securities at September 30, 2020, by contractual maturity, are summarized as follows:

	September 30, 2020
Due in one year or less	$	104,994,849