SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of maturities

The schedule of maturities as of September 30, 2020 and December 31, 2019 are as follows:

	Maturities as of				Maturities as of
	September 30, 2020				December 31, 2019
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	12,596,326	$	2,512,697	$	11,341,249	$	—
Government agency bonds		1,158,191		3,500,000		11,950,738		6,231,804
US Treasury bonds		6,006,593		—		—		—
Corporate bonds		60,012,228		27,812,183		57,321,784		6,675,958
Certificates of deposit		4,071,401		497,018		3,626,147		3,661,262
Total	$	83,844,739	$	34,321,898	$	84,239,918	$	16,569,024

Schedule of certain investments measured at fair value on a recurring basis

As of September 30, 2020, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company’s fair value hierarchy for these financial assets as of September 30, 2020 and December 31, 2019:

September 30, 2020	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	253,460	$	253,460	$	—	$	—
Investments	Certificates of Deposit		4,568,419		4,568,419		—		—
Investments	Municipal Bonds		15,109,023		—		15,109,023		—
Investments	Government Agency Bonds		4,658,191		—		4,658,191		—
Investments	US Treasury Bonds		6,006,593		—		6,006,593		—
Investments	Corporate Bonds		87,824,411		—		87,824,411		—

December 31, 2019	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	950,658	$	950,658	$	—	$	—
Investments	Certificates of Deposit		7,287,409		7,287,409		—		—
Investments	Municipal Bonds		11,341,249		—		11,341,249		—
Investments	Government Agency Bonds		18,182,542		—		18,182,542		—
Investments	Corporate Bonds		63,997,742		—		63,997,742		—

Schedule of restricted stock awards activity

A summary of the restricted stock awards activity during the nine months ended September 30, 2020 is presented below:

		Weighted-
		Average Grant
		Date Fair Value
	Restricted Stock	Per Share
Nonvested at December 31, 2019	10,450	$	60.47
Issued	13,666		62.62
Vested	(11,450)		59.60
Forfeited	—		—
Nonvested at September 30, 2020	12,666	$	63.58

Schedule of assumptions used in the valuation of stock options granted

The assumptions used in the valuation of stock options granted during the nine months ended September 30, 2020 were as follows:

	Nine Months Ended
	September 30, 2020
Risk-free interest rate		0.29% - 1.61%
Expected term of option		5.5 - 6.25 years
Expected stock price volatility		39.5% - 41.5%
Expected dividend yield	$	0.0

Schedule of stock option activity

A summary of our stock option activity during the nine months ended September 30, 2020 is presented below:

				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Shares	Exercise Price		Contractual Term	Value
Outstanding at December 31, 2019	189,187	$	46.79	8.62	$	1,920,684
Grants	202,000		61.92	—		—
Exercised	(1,500)		41.15	—		—
Forfeited	(147,500)		56.51	—		—
Outstanding at September 30, 2020	242,187	$	56.49	8.35	$	—
Exercisable at September 30, 2020	42,687	$	33.45	2.77	$	827,256

Schedule of maturity of lease obligations

The following table summarizes the maturity of the Company’s lease obligations on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on our balance sheet as of September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
2020	$	20,605	$	75,352
2021		84,893		84,893
2022		87,428		87,428
Total lease payments		192,926		247,673
Less: interest		(6,656)		(11,560)
Total lease obligation	$	186,270	$	236,113