Short-term Investments

Short-term investments at March 31, 2020 consisted of mutual funds, corporate debt securities and certificates of deposit. Short-term investments at December 31, 2019 consisted of mutual funds. Short-term investments are recorded at fair value, based on current market valuations. Unrealized gains and losses on the Company's short-term debt investments are excluded from earnings and reported as a separate component of other comprehensive loss until realized. Realized gains and losses and unrealized gains and losses on available-for-sale equity securities are included in non-operating other income (expense) on the condensed consolidated statements of operations and are derived using the specific identification method for determining the cost of the securities sold. During the three months ended March 31, 2020 and 2019, the Company recorded gross realized gain on investments of $50,000 and $18,000, respectively, and gross realized loss on investments of $525,000 and $53,000, respectively. During the three months ended March 31, 2020 and 2019, the Company recorded net unrealized loss on available-for-sale equity securities of $5.1 million and $0, respectively. No material balances were reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2020 and 2019. Interest and dividends on investments classified as available-for-sale are included in interest income in the condensed consolidated statements of operations. As of March 31, 2020, the Company had 25 available-for-sale securities in an unrealized loss position, of which 2 with an aggregate total unrealized loss of $560,000 were in such position for longer than 12 months.

The following is a summary of available-for-sale securities as of March 31, 2020 and December 31, 2019:



		As of March 31, 2020
	Contractual Maturity (in years)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Mutual funds	---	$	109,616,722	$	5,000	$	(5,055,092	)	$	104,566,630
Corporate debt securities	---	5,175,000		—		(1,202,700		)	3,972,300
Certificates of deposit	Less than 1	3,000,000		41,960		(30,000		)	3,011,960
		$	117,791,722	$	46,960	$	(6,287,792	)	$	111,550,890



		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

The Company periodically reviews its portfolio of available-for-sale debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For the debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities as of March 31, 2020 were primarily due to changes in interest rates, including credit spreads from perceived increased credit risks as a result of the COVID-19 global pandemic, and not due to increased credit risks associated with specific securities. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the available-for-sale debt securities that are in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, at March 31, 2020, the Company has not recorded an allowance for credit losses related to its available-for-sale debt securities.