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Investments (Tables) | 3 Months Ended
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Dec. 31, 2015
Summary of Investments by Type of Security | The following table summarizes investments by type of security as of December 31, 201 5:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities, short-term |  | $ | 19,570,392 |  |  | $ | — |  |  | $ | (16,520 | ) |  | $ | 19,553,872 |
Corporate debt securities, long-term |  |  | 751,610 |  |  |  | — |  |  |  | (3,860 | ) |  |  | 747,750 |
Government debt securities, short-term |  |  | 1,551,424 |  |  |  | 257 |  |  |  | (158 | ) |  |  | 1,551,523 |
Government debt securities, long-term |  |  | 1,399,745 |  |  |  | — |  |  |  | (2,930 | ) |  |  | 1,396,815 |
Total |  | $ | 23,273,171 |  |  | $ | 257 |  |  | $ | (23,468 | ) |  | $ | 23,249,960 |
The following table summarizes investments by type of security as of September 30, 201 5:
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities, short-term |  | $ | 23,924,252 |  |  | $ | 3,466 |  |  | $ | (6,390 | ) |  | $ | 23,921,328 |
Corporate debt securities, long-term |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 23,924,252 |  |  | $ | 3,466 |  |  | $ | (6,390 | ) |  | $ | 23,921,328 |
Summary of Fair Value of Investments Measured on Recurring Basis | Based on the fair value hierarchy, all of the Company’s investments are classified as Level 2, as repre sented in the following table:
|  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
December 31, 2015: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |
Corporate debt securities |  |  |  |  |  |  |  |
Industrial |  | $ | 9,688,759 |  |  | $ | — |
Financial |  |  | 7,065,722 |  |  |  | — |
Utility |  |  | 602,586 |  |  |  | — |
Commercial paper |  |  |  |  |  |  |  |
Financial |  |  | 1,498,154 |  |  |  | — |
Industrial |  |  | 698,651 |  |  |  | — |
Government debt securities |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 1,551,523 |  |  |  | — |
Long-term investments: |  |  |  |  |  |  |  |
Corporate debt securities |  |  |  |  |  |  |  |
Financial |  |  | 747,750 |  |  |  | — |
Government debt securities |  |  |  |  |  |  |  |
U.S. Treasury |  |  | 1,396,815 |  |  |  | — |
Total assets at fair value |  | $ | 23,249,960 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Acquisition-related contingent consideration |  |  | — |  |  |  | 123,730 |
Total liabilities at fair value |  | $ | — |  |  | $ | 123,730 |
|  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
September 30, 2015: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |
Corporate debt securities |  |  |  |  |  |  |  |
Financial |  | $ | 10,308,482 |  |  | $ | — |
Industrial |  |  | 9,665,243 |  |  |  | — |
Utility |  |  | 1,801,803 |  |  |  | — |
Commercial paper |  |  |  |  |  |  |  |
Industrial |  |  | 1,447,655 |  |  |  | — |
Financial |  |  | 698,145 |  |  |  | — |
Total assets at fair value |  | $ | 23,921,328 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Acquisition-related contingent consideration |  |  | — |  |  |  | 46,743 |
Total liabilities at fair value |  | $ | — |  |  | $ | 46,743 |
Contingent Consideration |
Summary of Contingent Consideration Measured at Fair Value | The following table includes a summary of the contingent consideration measured at fair value using significant unobservable inputs (Level 3) during the three months ended December 31, 2015:
Balance at September 30, 2015 | $ | 46,743 |
Expenses recorded due to changes in fair value |  | 76,987 |
Payments |  | — |
Balance at December 31, 2015 | $ | 123,730 |

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