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Short-term Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments
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