Marketable Securities

9 Months Ended

Sep. 30, 2024

(6) Marketable Securities

Based upon the Company’s intent and ability to hold its US Treasury securities to maturity (which maturities range up to 25 months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates fair market value. Accrued bond interest receivable as of September 30, 2024 is $91,220.

The following table summarizes the cost and fair value of marketable securities at September 30, 2024 as follows:

	Amortized Cost		Gross Unrealized Gain (Loss)		Fair Value

Held-to-maturity securities
US Treasury securities	$	9,389,973	$	235,027	$	9,625,000

Maturities of marketable securities were as follows at September 30, 2024:

Held-to-maturity securities:
Due in one year or less	$	2,481,973
Due in 12 – 24 months		6,908,000
	$	9,389,973

The Company’s investments in marketable securities consist of investments in US Treasury securities. Market values were determined for each individual security in the investment portfolio.

Management evaluates securities for other-than-temporary impairment at least on an annual basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has determined that no other-than-temporary impairment exists as of September 30, 2024.