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Short Term Investments
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Short Term Investments

4. Short Term Investments

Short term investments are highly liquid investments with original maturities between three and twelve months. The Company’s short term investments consist of US Treasury Bills. These investments were previously classified as held-to-maturity. In May 2023, as a result of a change in business investment strategy, the Company transferred all of its held-to-maturity short term investments to the available-for-sale category. The securities transferred had a total amortized cost of $33,026,959, fair value of $33,021,293 and unrealized losses of $5,666 at the time of transfer. The unrealized loss was recorded as accumulated other comprehensive income at the time of transfer.

Available-for-sale short term investments are reported at fair value in the Consolidated Balance Sheets. Unrealized gains and losses are excluded from earnings and are reported in accumulated other comprehensive income in the Consolidated Statements of Operations and Comprehensive Income. There were no transfers out of accumulated other comprehensive income and no other-than-temporary impairment has been recognized as of June 30, 2023.

The following table summarizes the available-for-sale short term investments as of June 30, 2023 and December 31, 2022.

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June 30, 2023

    

December 31, 2022

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​

Amortized

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Unrealized

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Fair

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Amortized

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Unrealized

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Fair 

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Cost

    

Losses

    

Value

    

Cost

    

Losses

    

Value 

U.S. Treasury Bills

​

$

26,851,488

​

$

(47,006)

​

$

26,804,482

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$

—

​

$

—

​

$

—

​

During the three and six months ended June 30, 2023, the Company sold securities with a carrying amount of $6,304,814 for total proceeds of $6,352,473. The realized gains on these sales were $47,659. These securities were sold to raise cash during the quarter to fund capital expenditures.