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Cash, Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
Cash and Cash Equivalents [Abstract] |
Schedule of Cash, and Cash Equivalents | At September 30, 2024, cash, cash equivalents, and marketable securities were comprised of:
|  | Carrying Amount |  |  | Unrecognized Gain |  |  | Estimated Fair Value |  |  | Cash and Cash Equivalents |  |  | Current Marketable Securities |
Cash |  | $ | 15,405,485 |  |  | $ | — |  |  | $ | 15,405,485 |  |  | $ | 15,405,485 |  |  | $ | — |
Money market funds |  |  | 12,714,544 |  |  |  | — |  |  |  | 12,714,544 |  |  |  | 12,714,544 |  |  |  | — |
Reverse repurchase agreements (1) |  |  | 40,000,000 |  |  |  | — |  |  |  | 40,000,000 |  |  |  | 40,000,000 |  |  |  | — |
Total cash and cash equivalents |  | $ | 68,120,029 |  |  | $ | — |  |  | $ | 68,120,029 |  |  | $ | 68,120,029 |  |  | $ | — |
U.S. government agency securities |  | $ | 44,557,630 |  |  | $ | 66,540 |  |  | $ | 44,624,170 |  |  | $ | — |  |  | $ | 44,624,170 |
Available for sale marketable securities (2) |  |  | 44,557,630 |  |  |  | 66,540 |  |  |  | 44,624,170 |  |  |  | — |  |  |  | 44,624,170 |
Total cash, cash equivalents, and current marketable securities |  |  |  |  |  |  |  |  |  |  | $ | 68,120,029 |  |  | $ | 44,624,170 |
(1) Reverse repurchase agreements are financial transactions in which a party purchases securities with the agreement to sell them back at a later date, typically at a slightly higher price. The Company invests in certain reverse repurchase agreements which, are collateralized by deposits in the form of U.S. Government Securities and Obligations for an amount no less than 102% of the value and has at least an A (or equivalent) credit rating. The Company does not record an asset or liability related to the collateral, as the Company is not permitted to sell or repledge the associated collateral. (2) 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. 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 |  |

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- Definition Tabular disclosure of the components of cash, cash equivalents, and investments. + References No definition available. + Details
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