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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments [Abstract] |
Schedule of Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2023 and December 31, 2022: As of March 31, 2023:
|  |  | 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, 2023 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 215,452,160 |  |  | $ | 215,452,160 |  |  | $ | — |  |  | $ | — |
Restricted Cash | 4,000,000 |  |  | 4,000,000 |  |  | — |  |  | — |
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 1,741,295 |  |  | 1,741,295 |  |  | — |  |  | — |
Corporate Bonds | 5,495,110 |  |  | — |  |  | 5,495,110 |  |  | — |
Government Securities | 6,155,223 |  |  | — |  |  | 6,155,223 |  |  | — |
Municipal Bonds | 3,963,985 |  |  | — |  |  | 3,963,985 |  |  | — |
Other | 4,474,175 |  |  | 1,007,150 |  |  | 3,467,025 |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset Backed Securities | 18,718,258 |  |  | — |  |  | 18,718,258 |  |  | — |
Certificate of Deposit | 239,107 |  |  | 239,107 |  |  | — |  |  | — |
Corporate Bonds | 37,242,499 |  |  | — |  |  | 37,242,499 |  |  | — |
Government Securities | 36,922,649 |  |  | — |  |  | 36,922,649 |  |  | — |
Municipal Bonds | 50,870,849 |  |  | — |  |  | 50,870,849 |  |  | — |
Common Stock | 720,910 |  |  | 720,910 |  |  | — |  |  | — |
Total | $ | 385,996,220 |  |  | $ | 223,160,622 |  |  | $ | 162,835,598 |  |  | $ | — |
As of December 31, 2022:
|  |  | 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, 2022 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 214,754,638 |  |  | $ | 214,754,638 |  |  | $ | — |  |  | $ | — |
Restricted Cash | 4,000,000 |  |  | 4,000,000 |  |  | — |  |  | — |
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 1,736,163 |  |  | 1,736,163 |  |  | — |  |  | — |
Corporate Bonds | 5,473,341 |  |  | — |  |  | 5,473,341 |  |  | — |
Government Securities | 4,423,041 |  |  | — |  |  | 4,423,041 |  |  | — |
Municipal Bonds | 5,174,773 |  |  | — |  |  | 5,174,773 |  |  | — |
Other | 2,347,602 |  |  | 1,093,602 |  |  | 1,254,000 |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 18,829,696 |  |  | — |  |  | 18,829,696 |  |  | — |
Certificate of Deposit | 238,925 |  |  | 238,925 |  |  | — |  |  | — |
Corporate Bonds | 36,310,477 |  |  | — |  |  | 36,310,477 |  |  | — |
Governmental Securities | 36,532,634 |  |  | — |  |  | 36,532,634 |  |  | — |
Municipal Bonds | 48,430,166 |  |  | — |  |  | 48,430,166 |  |  |
Common Stock | 293,300 |  |  | 293,300 |  |  | — |  |  | — |
Total | $ | 378,544,756 |  |  | $ | 222,116,628 |  |  | $ | 156,428,128 |  |  | $ | — |
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, 2023 and December 31, 2022: As of March 31, 2023:
|  |  | Unrealized |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 1,750,000 |  |  | $ | 93 |  |  | $ | (8,798) |  |  | $ | 1,741,295 |
Corporate Bonds | 5,542,607 |  |  | — |  |  | (47,497) |  |  | 5,495,110 |
Government Securities | 6,190,793 |  |  | 2,058 |  |  | (37,628) |  |  | 6,155,223 |
Municipal Bonds | 3,998,537 |  |  | — |  |  | (34,552) |  |  | 3,963,985 |
Other | 4,474,175 |  |  | — |  |  | — |  |  | 4,474,175 |
Long-Term Investments: |  |  |  |  |  |  |
Asset Backed Securities | 18,852,424 |  |  | — |  |  | (134,166) |  |  | 18,718,258 |
Certificate of Deposit | 250,000 |  |  | — |  |  | (10,893) |  |  | 239,107 |
Corporate Bonds | 40,819,361 |  |  | 20,678 |  |  | (3,597,540) |  |  | 37,242,499 |
Government Securities | 39,525,976 |  |  | — |  |  | (2,603,327) |  |  | 36,922,649 |
Municipal Bonds | 54,635,848 |  |  | 314,881 |  |  | (4,079,880) |  |  | 50,870,849 |
Common Stock | 720,911 |  |  | — |  |  | — |  |  | 720,911 |
Total | $ | 176,760,632 |  |  | $ | 337,710 |  |  | $ | (10,554,281) |  |  | $ | 166,544,061 |
As of December 31, 2022:
|  |  | Unrealized |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 1,750,256 |  |  | $ | — |  |  | $ | (14,093) |  |  | $ | 1,736,163 |
Corporate Bonds | 5,571,417 |  |  | — |  |  | (98,076) |  |  | 5,473,341 |
Government Securities | 4,476,613 |  |  | — |  |  | (53,572) |  |  | 4,423,041 |
Municipal Bonds | 5,223,500 |  |  | — |  |  | (48,727) |  |  | 5,174,773 |
Other | 2,347,602 |  |  | — |  |  | — |  |  | 2,347,602 |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 19,151,229 |  |  | — |  |  | (321,533) |  |  | 18,829,696 |
Certificate of Deposit | 250,000 |  |  | — |  |  | (11,075) |  |  | 238,925 |
Corporate Bonds | 40,410,206 |  |  | — |  |  | (4,099,729) |  |  | 36,310,477 |
Government Securities | 39,637,461 |  |  | — |  |  | (3,104,827) |  |  | 36,532,634 |
Municipal Bonds | 53,476,883 |  |  | 235,713 |  |  | (5,282,430) |  |  | 48,430,166 |
Common Stock | 292,638 |  |  | 662 |  |  | — |  |  | 293,300 |
Total | $ | 172,587,805 |  |  | $ | 236,375 |  |  | $ | (13,034,062) |  |  | $ | 159,790,118 |
Schedule of Unrealized Loss on Investments | Unrealized losses on investments as of March 31, 2023, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value of Investments
Loss duration of less than one year | $ | 321,165 |  |  | $ | 23,213,314 |
Loss duration of greater than one year | 10,233,116 |  |  | 130,046,373 |
Total | $ | 10,554,281 |  |  | $ | 153,259,687 |
Unrealized losses on investments as of December 31, 2022, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value of Investments
Loss duration of less than one year | $ | 4,816,103 |  |  | $ | 77,701,146 |
Loss duration of greater than one year | 8,217,959 |  |  | 76,643,586 |
Total | $ | 13,034,062 |  |  | $ | 154,344,732 |
Schedule of Investments Classified by Contractual Maturity Date | Fixed income securities as of March 31, 2023 have contractual maturities as follows:
Due within one year | $ | 17,355,612 |
Due between one and five years | 93,840,749 |
Due over five years | 50,152,613 |
| $ | 161,348,974 |

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