Marketable Securities

3 Months Ended

Mar. 31, 2025

Marketable Securities [Abstract]

Marketable Securities

(6) Marketable Securities

Based upon the Company’s intent and ability to hold its U.S. Treasury securities to maturity, such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates fair market value. Maturities on these U.S. Treasury security holdings range from 12 to 25 months from the date of purchase. Accrued bond interest receivable as of March 31, 2025 and December 31, 2024 is $65,279 and $79,497, respectively.

The tables below summarize the Company’s cost and fair value of marketable securities as of March 31, 2025 and December 31, 2024:

	March 31, 2025
		Amortized Cost		Gross Unrealized Gain		Fair Value
Held-to-maturity securities
U.S. Treasury securities	$	11,272,665	$	221,335	$	11,494,000

	December 31, 2024
		Amortized Cost		Gross Unrealized Gain		Fair Value
Held-to-maturity securities
U.S. Treasury securities	$	11,225,475	$	227,525	$	11,453,000

Maturities of marketable securities were as follows as of March 31, 2025 and December 31, 2024:

		March 31,		December 31,
		2025		2024
Held-to-maturity securities:
Due in one year or less	$	1,488,665	$	2,467,475
Due in 12 – 25 months		9,784,000		8,758,000
	$	11,272,665	$	11,225,475

The Company’s investments in marketable securities consist of investments in U.S. 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 March 31, 2025.