Marketable Equity Securities

9 Months Ended

Sep. 30, 2020

Marketable Securities [Abstract]

Marketable Equity Securities

5. Marketable Equity Securities

Marketable securities in equity securities with readily determinable market prices consisted of the following as of September 30, 2020 and December 31, 2019:

	Marketable equity securities at September 30, 2020
			Gross unrealized		Gross realized
	Cost		gains		gains (losses)		Fair value
Common shares	$	301,960	$	84,516	$	—	$	386,476

	Marketable equity securities at December 31, 2019
			Gross unrealized		Gross realized
	Cost		gains		gains (losses)		Fair value
Common shares	$	423,025	$	216,622	$	—	$	639,647

The following table presents additional information about marketable equity securities:

	Marketable
	Equity Securities
Balance at January 1, 2020	$	639,647
Sales of marketable equity securities		(143,667	)
Realized gains on marketable equity securities		22,602
Unrealized losses on marketable equity securities		(132,106	)
Balance at September 30, 2020	$	386,476

At September 30, 2020 and December 31, 2019, the Company had invested in the marketable equity securities of certain publicly traded companies. During the three and nine months ended September 30, 2020, unrealized losses of $184,419 and $132,106, respectively, were included in net income as a component of change in fair value of equity securities. During the year ended December 31, 2019, the Company recognized unrealized gains of $258,905. The Company’s investment in marketable equity securities will be revalued on each balance sheet date. The fair value of the Company’s holdings in marketable equity securities at September 30, 2020 and December 31, 2019 is a Level 1 measurement based on quoted prices in an active market.

At September 30, 2020 and December 31, 2019, the Company also held equity investments in private companies and an investment in a limited partnership. These investments do not have readily determinable fair values and have been measured at cost less impairment, if any, and adjusted for observable price changes for identical or similar investments of the issuer.