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v3.24.3

Investments (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 and December 31, 2023: As of September 30, 2024:
|  |  | 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, 2024 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 179,639,743 |  |  | $ | 179,639,743 |  |  | $ | — |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 2,784,681 |  |  | — |  |  | 2,784,681 |  |  | — |
Certificate of Deposit | 752,133 |  |  | 752,133 |  |  | — |  |  | — |
Corporate Bonds | 3,960,920 |  |  | — |  |  | 3,960,920 |  |  | — |
Government Securities | 2,479,975 |  |  | — |  |  | 2,479,975 |  |  | — |
Municipal Bonds | 4,380,400 |  |  | — |  |  | 4,380,400 |  |  | — |
Other | 1,073,419 |  |  | 1,073,419 |  |  | — |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 40,069,030 |  |  | — |  |  | 40,069,030 |  |  | — |
Corporate Bonds | 57,754,563 |  |  | — |  |  | 57,754,563 |  |  | — |
Government Securities | 1,671,215 |  |  | — |  |  | 1,671,215 |  |  | — |
Municipal Bonds | 41,083,645 |  |  | — |  |  | 41,083,645 |  |  | — |
Common Stock | 41,109,820 |  |  | 41,109,820 |  |  | — |  |  | — |
Total | $ | 376,759,544 |  |  | $ | 222,575,115 |  |  | $ | 154,184,429 |  |  | $ | — |
As of December 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 | December 31, 2023 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash & Cash Equivalents | $ | 226,435,019 |  |  | $ | 226,435,019 |  |  | $ | — |  |  | $ | — |
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | 994,013 |  |  | 994,013 |  |  | — |  |  | — |
Corporate Bonds | 1,943,886 |  |  | — |  |  | 1,943,886 |  |  | — |
Government Securities | 4,759,507 |  |  | — |  |  | 4,759,507 |  |  | — |
Municipal Bonds | 1,726,658 |  |  | — |  |  | 1,726,658 |  |  | — |
Other | 1,465,388 |  |  | 1,465,388 |  |  | — |  |  | — |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 27,146,504 |  |  | — |  |  | 27,146,504 |  |  | — |
Certificate of Deposit | 748,358 |  |  | 748,358 |  |  | — |  |  | — |
Corporate Bonds | 65,404,340 |  |  | — |  |  | 65,404,340 |  |  | — |
Governmental Securities | 6,227,129 |  |  | — |  |  | 6,227,129 |  |  | — |
Municipal Bonds | 56,336,921 |  |  | — |  |  | 56,336,921 |  |  |
Common Stock | 18,610,519 |  |  | 18,610,519 |  |  | — |  |  | — |
Total | $ | 411,798,242 |  |  | $ | 248,253,297 |  |  | $ | 163,544,945 |  |  | $ | — |
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, 2024 and December 31, 2023: As of September 30, 2024:
|  |  | Unrealized |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 2,834,713 |  |  | — |  |  | (50,032) |  |  | 2,784,681 |
Certificate of Deposit | $ | 750,000 |  |  | $ | 2,133 |  |  | $ | — |  |  | $ | 752,133 |
Corporate Bonds | 4,019,696 |  |  | — |  |  | (58,776) |  |  | 3,960,920 |
Government Securities | 2,474,160 |  |  | 5,815 |  |  | — |  |  | 2,479,975 |
Municipal Bonds | 4,393,568 |  |  | 1,697 |  |  | (14,865) |  |  | 4,380,400 |
Other | 1,073,419 |  |  | — |  |  | — |  |  | 1,073,419 |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 39,109,728 |  |  | 1,032,389 |  |  | (73,087) |  |  | 40,069,030 |
Corporate Bonds | 56,889,910 |  |  | 1,273,030 |  |  | (408,377) |  |  | 57,754,563 |
Government Securities | 1,603,846 |  |  | 67,369 |  |  | — |  |  | 1,671,215 |
Municipal Bonds | 41,175,200 |  |  | 918,479 |  |  | (1,010,034) |  |  | 41,083,645 |
Total | $ | 151,489,527 |  |  | $ | 3,300,912 |  |  | $ | (1,565,139) |  |  | $ | 153,225,300 |
As of December 31, 2023:
|  |  | Unrealized |  |
| Cost |  | Gains |  | Losses |  | Market Value
Short-Term Investments: |  |  |  |  |  |  |
Certificate of Deposit | $ | 1,000,000 |  |  | $ | — |  |  | $ | (5,987) |  |  | $ | 994,013 |
Corporate Bonds | 1,976,195 |  |  | — |  |  | (32,309) |  |  | 1,943,886 |
Government Securities | 4,754,495 |  |  | 21,141 |  |  | (16,129) |  |  | 4,759,507 |
Municipal Bonds | 1,749,038 |  |  | — |  |  | (22,380) |  |  | 1,726,658 |
Other | 1,465,388 |  |  | — |  |  | — |  |  | 1,465,388 |
Long-Term Investments: |  |  |  |  |  |  |
Asset-backed Securities | 26,923,803 |  |  | 331,847 |  |  | (109,146) |  |  | 27,146,504 |
Certificate of Deposit | 750,000 |  |  | — |  |  | (1,642) |  |  | 748,358 |
Corporate Bonds | 66,214,398 |  |  | 748,471 |  |  | (1,558,529) |  |  | 65,404,340 |
Government Securities | 6,217,774 |  |  | 10,675 |  |  | (1,320) |  |  | 6,227,129 |
Municipal Bonds | 58,261,615 |  |  | 811,128 |  |  | (2,735,822) |  |  | 56,336,921 |
Common Stock | 17,324,886 |  |  | 1,328,446 |  |  | (42,813) |  |  | 18,610,519 |
Total | $ | 186,637,592 |  |  | $ | 3,251,708 |  |  | $ | (4,526,077) |  |  | $ | 185,363,223 |
Schedule of Unrealized Loss on available-for-sale securities | Unrealized losses on available-for-sale securities as of September 30, 2024, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value of Investments
Loss duration of less than one year | $ | 80,165 |  |  | $ | 7,363,296 |
Loss duration of greater than one year | 1,535,006 |  |  | 46,320,380 |
Total | $ | 1,615,171 |  |  | $ | 53,683,676 |
Unrealized losses on available-for-sale securities as of December 31, 2023, are as follows:
| Aggregate Unrealized Losses |  | Aggregate Fair Value of Investments
Loss duration of less than one year | $ | 126,074 |  |  | $ | 13,449,592 |
Loss duration of greater than one year | 4,400,003 |  |  | 76,966,258 |
Total | $ | 4,526,077 |  |  | $ | 90,415,850 |
Schedule of Investments Classified by Contractual Maturity Date | Fixed income securities as of September 30, 2024 have contractual maturities as follows:
Due within one year | $ | 14,358,108 |
Due between one and five years | 76,534,624 |
Due over five years | 64,043,830 |
| $ | 154,936,562 |

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