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v3.19.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments [Abstract] |
Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2019 and December 31, 2018: As of March 31, 2019
|  |  | Fair Value Measurements at Reporting Date Using |  |  |  |
| Total as of |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | March 31, 2019 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 221,688,575 |  | $ | 221,688,575 |  | $ | — |  | $ | —
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 150,299,384 |  | 150,299,384 |  | — |  | —
Government Securities | 21,109,868 |  | — |  | 21,109,868 |  | —
Corporate Bonds | 5,982,688 |  | — |  | 5,982,688 |  | —
Other | 2,921,282 |  | 2,921,282 |  | — |  | —
Long-Term Investments: |  |  |  |  |  |  |
Corporate Bonds | 66,610,295 |  | — |  | 66,610,295 |  | —
Municipal Bonds | 21,283,707 |  | — |  | 21,283,707 |  | —
Government Securities | 34,534,506 |  | — |  | 34,534,506 |  | —
Total | $ | 524,430,305 |  | $ | 374,909,241 |  | $ | 149,521,064 |  | $ | —
As of December 31, 2018
|  |  | Fair Value Measurements at Reporting Date Using |  |  |  |
| Total as of |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description | December 31, 2018 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 217,025,278 |  | $ | 217,025,278 |  | $ | — |  | $ | —
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 150,299,384 |  | 150,299,384 |  | — |  | —
Government Securities | 9,176,227 |  | — |  | 9,176,227 |  | —
Corporate Bonds | 6,967,700 |  | — |  | 6,967,700 |  | —
Other | 2,219,688 |  | 2,219,688 |  | — |  | —
Long-Term Investments: |  |  |  |  |  |  |
Corporate Bonds | 60,369,930 |  | — |  | 60,369,930 |  | —
Municipal Bonds | 18,025,432 |  | — |  | 18,025,432 |  | —
Government Securities | 56,483,720 |  | — |  | 56,483,720 |  | —
Total | $ | 520,567,359 |  | $ | 369,544,350 |  | $ | 151,023,009 |  | $ | —
Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value of Investment Securities | The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2019 and December 31, 2018: As of March 31, 2019
|  |  | Unrealized |  |  |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 150,299,384 |  | $ | — |  | $ | — |  | $ | 150,299,384
Government Securities | 21,101,631 |  | 9,901 |  | (1,664) |  | 21,109,868
Corporate Bonds | 5,979,056 |  | 4,095 |  | (463) |  | 5,982,688
Other | 2,921,282 |  | — |  | — |  | 2,921,282
Long-Term Investments: |  |  |  |  |  |  |
Corporate Bonds | 66,172,642 |  | 504,809 |  | (67,156) |  | 66,610,295
Municipal Bonds | 20,851,133 |  | 432,574 |  | — |  | 21,283,707
Government Securities | 34,316,447 |  | 218,059 |  | $ | — |  | 34,534,506
Total | $ | 301,641,575 |  | $ | 1,169,438 |  | $ | (69,283) |  | $ | 302,741,730
As of December 31, 2018
|  |  | Unrealized |  |  |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 150,299,384 |  | $ | — |  | $ | — |  | $ | 150,299,384
Government Securities | 9,186,586 |  | — |  | (10,359) |  | 9,176,227
Corporate Bonds | 6,981,305 |  | — |  | (13,605) |  | 6,967,700
Other | 2,219,688 |  | — |  | — |  | 2,219,688
Long-Term Investments: |  |  |  |  |  |  |
Corporate Bonds | 60,659,498 |  | 50,340 |  | (339,908) |  | 60,369,930
Municipal Bonds | 17,840,518 |  | 184,914 |  | — |  | 18,025,432
Government Securities | 56,280,552 |  | 205,553 |  | (2,385) |  | 56,483,720
Total | $ | 303,467,531 |  | $ | 440,807 |  | $ | (366,257) |  | $ | 303,542,081
Schedule of Unrealized Loss on Investments | Unrealized losses on investments as of March 31, 2019, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Less than one year | $ | 69,283 |  | $ | 20,786,455
Greater than one year | — |  | —
Total | $ | 69,283 |  | $ | 20,786,455
Unrealized losses on investments as of December 31, 2018, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Less than one year | $ | 365,824 |  | $ | 68,722,980
Greater than one year | 433 |  | 3,000,000
Total | $ | 366,257 |  | $ | 71,722,980
Investments Classified by Contractual Maturity Date | Fixed income securities as of March 31, 2019 have contractual maturities as follows:
Due within one year | $ | 177,391,940
Due between one and five years | 111,377,100
Due over five years | 11,051,408
| $ | 299,820,448

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
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