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Short-term Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Short-term Investments

Short-term Investments

Short-term investments at December 31, 2019 consisted of mutual funds. Short-term investments at December 31, 2018 consisted of mutual funds and United States corporate debt securities. Short-term investments are recorded at fair value, based on current market valuations. Unrealized gains and losses on the Company's debt securities are excluded from earnings and reported as a separate component of other comprehensive loss until realized. Realized gains and losses are included in non-operating other income (expense) on the consolidated statements of operations and are derived using the specific identification method for determining the cost of the securities sold. During the years ended December 31, 2019 and 2018, gross realized gain on investments of $594,000 and $20,000, respectively, and gross realized loss on investments of $118,000 and $1.3 million, respectively, was recorded. No material balances were reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017. Interest and dividends on investments classified as available-for-sale are included in interest income in the consolidated statements of operations. As of December 31, 2019, the Company had 4 available-for-sale securities in a gross unrealized loss position, of which 2 with an aggregate total unrealized loss of $11,000 were in such position for longer than 12 months.

The following is a summary of available-for-sale securities as of December 31, 2019 and 2018:

			As of December 31, 2019
	Contractual Maturity (in years)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Market Value
Mutual funds	---		$	66,599,219			$	754,709			$	(15,911	)		$	67,338,017

			As of December 31, 2018
	Contractual Maturity (in years)		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Market Value
Mutual funds	---		$	57,842,955			$	—			$	(528,084	)		$	57,314,871
US corporate debt securities	Less than 2		224,633				—				(652		)		223,981
Total investments			$	58,067,588			$	—			$	(528,736	)		$	57,538,852

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2324412

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2176304

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