Fair Value of Financial Instruments (Tables)

3 Months Ended

6 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Fair Value of Financial Instruments

Fair value inputs

	Fair Value Measurements as of March 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	1,079,400	$	-	$	-	$	1,079,400
Investment securities		3,241,900		137,100		-		3,379,000
Total	$	4,321,300	$	137,100	$	-	$	4,458,400
	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	1,927,100	$	-	$	-	$	1,927,100
Investment securities		4,035,500		236,600		-		4,272,100
Total	$	5,962,600	$	236,600	$	-	$	6,199,200

	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	1,927,100	$	-	$	-	$	1,927,100
Investment securities		4,035,500		236,600		-		4,272,100
Total	$	5,962,600	$	236,600	$	-	$	6,199,200

	Fair Value Measurements as of June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	2,971,100	$	-	$	-	$	2,971,100
Investment securities		5,276,600		1,115,000		-		6,391,600
Total	$	8,247,700	$	1,115,000	$	-	$	9,362,700

	Fair Value Measurements as of June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	9,675,200	$	-	$	-	$	9,675,200
Investment securities		2,920,600		824,000		-		3,744,600
Total	$	12,595,800	$	824,000	$	-	$	13,419,800
Liabilities:
Contingent consideration	$	-	$	-	$	160,000	$	160,000

	As of December 31,		As of June 30,
	2022		2022			2021
Beginning balance	$	-	$	160,000		$	358,000
Decrease in contingent consideration liability		-		(42,500	)		(30,000	)
Payments		-		(117,500	)		(168,000	)
Ending balance	$	-	$	-		$	160,000

Investments in marketable securitites

As of March 31, 2023:	Cost		Fair Value		Unrealized Holding Gain
Equity securities	$	118,100	$	168,600	$	50,500
Mutual funds		3,040,800		3,069,800		29,000
Debt securities		135,000		137,100		2,100
Derivative asset - Foreign currency forward contract		-		3,500		3,500
Total	$	3,293,900		3,379,000	$	85,100
As of December 31, 2022:	Cost		Fair Value		Unrealized Holding Gain (Loss)
Equity securities	$	118,900	$	154,600	$	35,700
Mutual funds		4,063,100		3,880,900		(182,200	)
Debt securities		235,400		236,600		1,200
Total	$	4,417,400	$	4,272,100	$	(145,300	)

As of December 31, 2022:	Cost		Fair Value		Unrealized Holding Gain (Loss)
Equity securities	$	118,900	$	154,600	$	35,700
Mutual funds		4,063,100		3,880,900		(182,200	)
Debt Securities		235,400		236,600		1,200
Total	$	4,417,400	$	4,272,100	$	(145,300	)

As of June 30, 2022:	Cost		Fair Value		Unrealized Holding  Gain (Loss)
Equity securities	$	118,800	$	151,000	$	32,200
Mutual funds		5,299,500		5,125,600		(173,900	)
Debt Securities		1,114,100		1,115,000		900
Total	$	6,532,400	$	6,391,600	$	(140,800	)

As of June 30, 2021:	Cost		Fair Value		Unrealized Holding  Gain (Loss)
Equity securities	$	102,200	$	154,100	$	51,900
Mutual funds		2,752,400		2,766,500		14,100
Debt Securities		832,700		824,000		(8,700	)
Total	$	3,687,300		3,744,600	$	57,300