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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 10,001,209 $ 17,115,988
Adjustments to reconcile net income to net cash provided in operating activities:    
Depreciation and amortization 70,037 256,610
Stock-based compensation expense 1,173,714 520,387
Deferred tax expense (benefit) (265,203) 199,908
Non-cash lease expense 57,708  
(Accretion) amortization of bond (discount) premium 790,006 (53,735)
Changes in operating assets and liabilities:    
Accounts receivable 5,472,278 (1,250,070)
Income tax payable (354,984) (949,791)
Prepaid expenses and other current assets (915,142) (189,959)
Patent costs   (189,704)
Accounts payable, accrued expenses and lease obligation 413,127 (921,360)
Net cash provided by operating activities 16,442,750 14,538,274
Cash flows from investing activities:    
Purchases of property and equipment (69,470)  
Maturities of marketable securities 87,283,693 76,636,059
Purchases of marketable securities (105,431,394) (93,357,599)
Net cash used in investing activities (18,217,171) (16,721,540)
Cash flows from financing activities:    
Proceeds from stock option exercises 61,725 2,133,396
Payments for repurchases of common stock (412,761) (357,289)
Net cash (used in) provided by financing activities (351,036) 1,776,107
Decrease in cash and cash equivalents (2,125,457) (407,159)
Cash and cash equivalents at beginning of year 4,999,183 13,176,452
Cash and cash equivalents at end of period 2,873,726 12,769,293
Cash paid during the year for:    
Taxes $ 3,473,278 $ 4,462,362