Cash, Cash Equivalents and Short-Term Investments

6 Months Ended

Jun. 30, 2017

Cash, Cash Equivalents and Short-Term Investments [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash, cash equivalents and short-term investments (at amortized cost plus accrued interest) consisted of the following:

	As of June 30, 2017		As of December 31,  2016		(Decrease)
Cash and cash equivalents	$	3,847,632	$	5,150,344	$	(1,302,712	)
Short-term investments		489,582		5,474,013		(4,984,431	)
Total	$	4,337,214	$	10,624,357	$	(6,287,143	)

Held to maturity securities (certificates of deposit) are carried at amortized cost. The cost of securities sold is determined based on the specific identification method. Realized gains and losses, and declines in value judged to be other than temporary, are included in investment income. As of June 30, 2017 and December 31, 2016, the fair value of held to maturity securities consisted of the following:

	As of June 30, 2017		As of December 31, 2016
Amortized cost	$	487,000	$	5,450,000
Accrued interest		2,582		24,013
Gross unrealized gains		49		2,073
Gross unrealized losses		-		(59	)
Estimated fair value	$	489,631	$	5,476,027