NOTE 4. INVESTMENTS

The Company invests a portion of its excess cash balances in short-term and long-term debt securities. Investments at September 30, 2015 consisted of corporate bonds with maturities remaining of less than one year. The Company may also invest excess cash balances in certificates of deposit, money market accounts, U.S. Treasuries, U.S. government agency obligations, corporate debt securities, and/or commercial paper. The Company accounts for its investments in accordance with FASB ASC 320, Investments – Debt and Equity Securities. At September 30, 2015, all investments were classified as held-to-maturity securities.

The following tables summarize the Company’s short- and long-term investments as of September 30, 2015, and September 30, 2014:

	As of September 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial notes (due within one year)	$	17,539,902	$	—	$	(304,942	)	$	17,234,960
Commercial notes (due after one year through two years)	$	—		—	$	—		$	—
Total	$	17,539,902	$	—	$	(304,942	)	$	17,234,960

	As of September 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial notes (due within one year)	$	21,653,032	$	—	$	(189,830	)	$	21,463,202
Commercial notes (due after one year through two years)	$	23,088,346		—	$	(217,693	)	$	22,870,653
Total	$	44,741,378	$	—	$	(407,523	)	$	44,333,855