Investments in Debt Securities

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments in Debt Securities

2. INVESTMENTS IN DEBT SECURITIES

At December 31, 2020 and 2019, the Company held investments in marketable securities that were classified as held-to-maturity and carried at amortized costs. Held-to-maturity securities consisted of the following:

	December 31, 2020		December 31, 2019
States and Municipalities	$	24,387	$	24,387

Contractual maturity of held-to-maturity securities at December 31, 2020 is $24,387,  all due in one year or less  , and total value of securities at their respective maturity dates is $24,387. The securities have technical defaults, but the Company still considers the investments to be recoverable. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

The Company had net cash proceeds from the sale of investment in debt securities during 2019 of $151,141, a gain of $1,069 on sale of investment in debt securities and used $12,353 cash in the purchase of investment in debt securities.