XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.20.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Investments [Abstract] |
Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2020 and December 31, 2019: As of March 31, 2020:
|  |  | 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, 2020 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 278,524,928 |  |  | $ | 278,524,928 |  |  | $ | — |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 50,099,795 |  |  | 50,099,795 |  |  | — |  |  | — |
Corporate Bonds | 29,122,402 |  |  | — |  |  | 29,122,402 |  |  | — |
Government Securities | 46,903,815 |  |  | — |  |  | 46,903,815 |  |  | — |
Municipal Bonds | 2,084,121 |  |  | — |  |  | 2,084,121 |  |  | — |
Other | 2,867,906 |  |  | 2,867,906 |  |  | — |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset Backed Securities | 43,628,702 |  |  | — |  |  | 43,628,702 |  |  | — |
Certificate of Deposit | 5,086,858 |  |  | 5,086,858 |  |  | — |  |  | — |
Corporate Bonds | 20,397,525 |  |  | — |  |  | 20,397,525 |  |  | — |
Government Securities | 7,308,584 |  |  | — |  |  | 7,308,584 |  | — |
Municipal Bonds | 92,358,822 |  |  | — |  |  | 92,358,822 |  |  | — |
Total | $ | 578,383,458 |  |  | $ | 336,579,487 |  |  | $ | 241,803,971 |  |  | $ | — |
As of December 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 | December 31, 2019 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 296,321,622 |  |  | $ | 296,321,622 |  |  | $ | — |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 50,099,795 |  |  | 50,099,795 |  |  | — |  |  | — |
Corporate Bonds | 29,219,685 |  |  | — |  |  | 29,219,685 |  |  | — |
Government Securities | 58,432,823 |  |  | — |  |  | 58,432,823 |  |  | — |
Other | 2,631,750 |  |  | 2,631,750 |  |  | — |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 25,791,029 |  |  | — |  |  | 25,791,029 |  |  | — |
Certificate of Deposit | 3,557,798 |  |  | 3,557,798 |  |  |  |  |  | — |
Corporate Bonds | 22,815,998 |  |  | — |  |  | 22,815,998 |  |  | — |
Governmental Securities | 6,088,190 |  |  | — |  |  | 6,088,190 |  |  | — |
Municipal Bonds | 72,638,690 |  |  | — |  |  | 72,638,690 |  |  | — |
Total | $ | 567,597,380 |  |  | $ | 352,610,965 |  |  | $ | 214,986,415 |  |  | $ | — |
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, 2020 and December 31, 2019: As of March 31, 2020:
|  |  | Unrealized |  |  |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 50,099,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,099,795 |
Corporate Bonds | 29,047,745 |  |  | 84,838 |  |  | (10,181) |  |  | 29,122,402 |
Government Securities | 46,564,204 |  |  | 339,611 |  |  | — |  |  | 46,903,815 |
Municipal Bonds | 2,079,998 |  |  | 4,123 |  |  | — |  |  | 2,084,121 |
Other | 2,867,906 |  |  | — |  |  | — |  |  | 2,867,906 |
Long-Term Investments: |  |  |  |  |  |  |
Asset Backed Securities | 43,046,638 |  |  | 988,808 |  |  | (406,744) |  |  | 43,628,702 |
Certificate of Deposit | 5,007,454 |  |  | 87,617 |  |  | (8,213) |  |  | 5,086,858 |
Corporate Bonds | 20,271,904 |  |  | 330,691 |  |  | (205,070) |  |  | 20,397,525 |
Government Securities | 7,150,365 |  |  | 158,219 |  |  | — |  |  | 7,308,584 |
Municipal Bonds | 89,556,097 |  |  | 2,905,405 |  |  | (102,680) |  |  | 92,358,822 |
Total | $ | 295,692,106 |  |  | $ | 4,899,312 |  |  | $ | (732,888) |  |  | $ | 299,858,530 |
As of December 31, 2019:
|  |  | Unrealized |  |  |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 50,099,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,099,795 |
Corporate Bonds | 29,025,624 |  |  | 194,061 |  |  | — |  |  | 29,219,685 |
Government Securities | 58,343,911 |  |  | 99,917 |  |  | (11,005) |  |  | 58,432,823 |
Other | 2,631,750 |  |  | — |  |  | — |  |  | 2,631,750 |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 25,971,156 |  |  | — |  |  | (180,127) |  |  | 25,791,029 |
Certificate of Deposit | 3,500,000 |  |  | 58,808 |  |  | (1,010) |  |  | 3,557,798 |
Corporate Bonds | 22,306,130 |  |  | 509,868 |  |  | — |  |  | 22,815,998 |
Government Securities | 6,012,705 |  |  | 75,485 |  |  | — |  |  | 6,088,190 |
Municipal Bonds | 71,997,996 |  |  | 1,036,116 |  |  | (395,422) |  |  | 72,638,690 |
Total | $ | 269,889,067 |  |  | $ | 1,974,255 |  |  | $ | (587,564) |  |  | $ | 271,275,758 |
Schedule of Unrealized Loss on Investments | Unrealized losses on investments as of March 31, 2020, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Loss duration of less than one year | $ | 732,888 |  |  | $ | 36,159,819 |
Loss duration of greater than one year | — |  |  | — |
Total | $ | 732,888 |  |  | $ | 36,159,819 |
Unrealized losses on investments as of December 31, 2019, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value
Loss duration of less than one year | $ | 587,564 |  |  | $ | 90,721,081 |
Loss duration of greater than one year | — |  |  | — |
Total | $ | 587,564 |  |  | $ | 90,721,081 |
Investments Classified by Contractual Maturity Date | Fixed income securities as of March 31, 2020 have contractual maturities as follows:
Due within one year | $ | 128,210,132 |
Due between one and five years | 52,232,126 |
Due over five years | 116,548,364 |
| $ | 296,990,622 |

X
- 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=117815213&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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=118939692&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
Name: | us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration