XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements | 6 Months Ended
--- | ---
Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. ASC 825, Financial Instruments, defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The Company’s principal financial instruments comprise cash, marketable securities, accounts receivable, accounts payable, accrued liabilities and long-term debt. The carrying value of all financial instruments approximates fair value. The three levels of valuation hierarchy are defined as follows: Level 1—Inputs are based upon observable or quoted prices (unadjusted) for identical instruments traded in active markets. Level 2—Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 investments consist primarily of corporate notes and bonds and U.S. government and agency securities. Level 3—Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The Company’s marketable securities consist of corporate bonds and government securities which are adjusted to fair value at each balance sheet date, based on quoted prices, which are considered Level 2 inputs. The following is a summary of the Company’s available-for-sale securities as of June 30, 2021 and December 31, 2020:
|  | June 30, 2021 |
|  |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
Description |  | Effective Maturity |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Corporate bonds |  | 2021-2022 |  | $ | 368,182,546 |  |  | $ | 103,619 |  |  | $ | (93,213 | ) |  | $ | 368,192,952 |
Corporate bonds |  | 2022-2023 |  |  | 178,904,470 |  |  |  |  |  |  |  | (496,456 | ) |  |  | 178,408,014 |
Government securities |  | 2022 |  |  | 5,248,638 |  |  |  | — |  |  |  | (494 | ) |  |  | 5,248,144 |
Total |  |  |  | $ | 552,335,654 |  |  | $ | 103,619 |  |  | $ | (590,163 | ) |  | $ | 551,849,110 |
|  | December 31, 2020 |
|  |  |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
Description |  | Effective Maturity |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Corporate bonds |  | 2021 |  | $ | 99,596,821 |  |  | $ | 560,797 |  |  | $ | — |  |  | $ | 100,157,618 |
Total |  |  |  | $ | 99,596,821 |  |  | $ | 560,797 |  |  | $ | — |  |  | $ | 100,157,618 |
The following table sets forth, by level, the Company’s assets that were accounted for at fair value on a recurring basis.
|  | June 30, 2021 |
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds and government securities |  | $ | — |  |  | $ | 551,849,110 |  |  | $ | — |  |  | $ | 551,849,110 |
|  | December 31, 2020 |
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | — |  |  | $ | 100,157,618 |  |  | $ | — |  |  | $ | 100,157,618 |

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

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration