Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

(5) Fair Value Measurements

The Company’s cash, cash equivalents and marketable securities are stated at fair value. The carrying value of accounts receivable, other current assets, accrued expenses, and accounts payable approximates fair market value because of the short maturity of these financial instruments.

The Company’s cash equivalents are generally classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

All held-to-maturity securities as of September 30, 2024 were US Treasury securities. Investments in these government securities are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy.

The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of September 30, 2024 and December 31, 2023, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	7,888,033	$	-	$	-	$	7,888,033
Held-to-maturity securities		9,389,973		-		-		9,389,973
	$	17,278,006	$	-	$	-	$	17,278,006

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	11,004,937	$	-	$	-	$	11,004,937
Held-to-maturity securities		4,194,958		-		-		4,194,958
	$	15,199,895	$	-	$	-	$	15,199,895

The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of September 30, 2024.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.