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FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Cash, Cash Equivalents, and Marketable Securities (Available for Sale) The Company utilizes a leading national bank for the custody of its investment securities, in accordance with its updated investment policy focused on capital preservation, risk mitigation, and return optimization. As of June 30, 2025, the Company held $46.0 million in cash and cash equivalents, all classified as Level 1 financial instruments. During the three months ended June 30, 2025, all other investments matured, and previously unrealized gains or losses were realized. Cash equivalents and marketable securities are recorded on the balance sheet at fair value. The adjusted cost basis, which includes unrealized gains and losses, approximates settlement value when held to maturity. No gains or losses were recognized during the three months ended June 30, 2025. The Company recognized a gain of $23,799 for six months ended June 30, 2025. The Company did not recognize any realized gains or losses in the three and six months ended June 30, 2024. Realized gains and losses are a component of other income (expense), net. Unrealized gains and losses are a component of other comprehensive income (loss) (“OCI”). The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates:
| June 30, 2025 | December 31, 2024
Due in 1 year or less | $ | — |  | $ | 6,427,488 |
Total | $ | — |  | $ | 6,427,488 |
The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category:
| June 30, 2025 | December 31, 2024
| Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss)
Cash and cash equivalents | $ | 46,037,390 |  | $ | — |  | $ | 44,644,468 |  | $ | — |
Government bonds | — |  | — |  | 998,070 |  | (5,103) |
Corporate debt securities | — |  | — |  | 4,430,539 |  | (5,180) |
Asset backed securities | — |  | — |  | 998,879 |  | 22,492 |
Total | $ | 46,037,390 |  | $ | — |  | $ | 51,071,956 |  | $ | 12,209 |
During the three and six months June 30, 2025, the Company did not recognize any credit losses and had no ending allowance balance for credit losses.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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- References No definition available. + Details
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