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v3.23.3

Investments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2023 and December 31, 2022: As of September 30, 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 | September 30, 2023 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 260,633,625 |  |  | $ | 260,633,625 |  |  | $ | — |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 989,198 |  |  | 989,198 |  |  | — |  |  | — |
Corporate Bonds | 1,927,301 |  |  | — |  |  | 1,927,301 |  |  | — |
Government Securities | 5,176,215 |  |  | — |  |  | 5,176,215 |  |  | — |
Municipal Bonds | 2,409,861 |  |  | — |  |  | 2,409,861 |  |  | — |
Other | 4,723,625 |  |  | 1,256,600 |  |  | 3,467,025 |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset Backed Securities | 21,064,870 |  |  | — |  |  | 21,064,870 |  |  | — |
Certificate of Deposit | 740,950 |  |  | 740,950 |  |  | — |  |  | — |
Corporate Bonds | 50,484,099 |  |  | — |  |  | 50,484,099 |  |  | — |
Government Securities | 28,297,530 |  |  | — |  |  | 28,297,530 |  |  | — |
Municipal Bonds | 47,583,725 |  |  | — |  |  | 47,583,725 |  |  | — |
Common Stock | 1,386,988 |  |  | 1,386,988 |  |  | — |  |  | — |
Total | $ | 425,417,987 |  |  | $ | 265,007,361 |  |  | $ | 160,410,626 |  |  | $ | — |
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 September 30, 2023 and December 31, 2022: As of September 30, 2023:
|  |  | Unrealized |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 1,000,000 |  |  | $ | — |  |  | $ | (10,802) |  |  | $ | 989,198 |
Corporate Bonds | 1,982,128 |  |  | — |  |  | (54,827) |  |  | 1,927,301 |
Government Securities | 5,198,015 |  |  | — |  |  | (21,800) |  |  | 5,176,215 |
Municipal Bonds | 2,431,031 |  |  | — |  |  | (21,170) |  |  | 2,409,861 |
Other | 4,723,625 |  |  | — |  |  | — |  |  | 4,723,625 |
Long-Term Investments: |  |  |  |  |  |  |
Asset Backed Securities | 21,273,402 |  |  | — |  |  | (208,532) |  |  | 21,064,870 |
Certificate of Deposit | 750,000 |  |  | — |  |  | (9,050) |  |  | 740,950 |
Corporate Bonds | 53,814,699 |  |  | — |  |  | (3,330,600) |  |  | 50,484,099 |
Government Securities | 29,640,890 |  |  | — |  |  | (1,343,360) |  |  | 28,297,530 |
Municipal Bonds | 51,881,686 |  |  | 378,802 |  |  | (4,676,763) |  |  | 47,583,725 |
Common Stock | 1,637,386 |  |  | 2,311 |  |  | (252,709) |  |  | 1,386,988 |
Total | $ | 174,332,862 |  |  | $ | 381,113 |  |  | $ | (9,929,613) |  |  | $ | 164,784,362 |
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 September 30, 2023, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value of Investments
Loss duration of less than one year | $ | 1,340,283 |  |  | $ | 51,123,646 |
Loss duration of greater than one year | 8,589,330 |  |  | 103,252,208 |
Total | $ | 9,929,613 |  |  | $ | 154,375,854 |
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 September 30, 2023 have contractual maturities as follows:
Due within one year | $ | 10,502,575 |
Due between one and five years | 98,587,270 |
Due over five years | 49,583,904 |
| $ | 158,673,749 |

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