Cash, Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

At March 31, 2024, cash, cash equivalents, and marketable securities were comprised of:


	Carrying Amount		Unrecognized Gain		Unrecognized Loss			Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities
Cash	$	17,560,591	$	—	$	—		$	17,560,591	$	17,560,591	$	—
Money market funds		34,931,309		—		—			34,931,309		34,931,309		—
Reverse repurchase agreements		50,000,000		—		—			50,000,000		50,000,000		—
Total cash and cash equivalents	$	102,491,900	$	—	$	—		$	102,491,900	$	102,491,900	$	—

U.S. government agency securities		30,548,479		546		(3,575	)		30,545,450		—		30,545,450
Available for sale marketable securities (1)		30,548,479		546		(3,575	)		30,545,450		—		30,545,450
Total cash, cash equivalents, and current marketable securities										$	102,491,900	$	30,545,450

(1)

Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income.

The contractual maturities of all cash equivalents and available for sale securities were less than one year at March 31, 2024.

At December 31, 2023, cash, and cash equivalents were comprised of:


	Carrying Amount		Estimated Fair Value		Cash and Cash Equivalents
Cash	$	128,510,451	$	128,510,451	$	128,510,451
Money market funds		14,312,565		14,312,565		14,312,565
Total cash and cash equivalents	$	142,823,016	$	142,823,016	$	142,823,016

There were no marketable securities held at December 31, 2023.