NOTE 4. INVESTMENTS

The Company invests a portion of its excess cash balances in short-term debt securities and may, from time to time, also invest in long-term debt securities. Investments at June 30, 2018 consisted of corporate bonds with maturities remaining of less than 15 months. The Company may also invest excess cash balances in certificates of deposits, money market accounts, government-sponsored enterprise securities, corporate bonds and/or commercial paper. The Company accounts for its investments in accordance with FASB ASC 320, Investments – Debt and Equity Securities. At June 30, 2018, all investments were classified as held-to-maturity securities.

The following tables summarize the Company’s short-term and long-term investments as of June 30, 2018, and September 30, 2017.

	As of June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial notes (due within one year)	$	32,484,708	$	—	$	(237,007	)	$	32,247,701
Commercial notes (due after one year through two years)	$	17,672,658		—	$	(98,327	)	$	17,574,331
Total	$	50,157,366	$	—	$	(335,334	)	$	49,822,032

	As of September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial notes (due within one year)	$	40,769,539	$	—	$	(334,755	)	$	40,434,784
Commercial notes (due after one year through two years)	$	—		—	$	—		$	—
Total	$	40,769,539	$	—	$	(334,755	)	$	40,434,784