Cash, Cash Equivalents and Short-Term Investments

12 Months Ended

Dec. 31, 2017

Cash, Cash Equivalents and Short-Term Investments [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3.	CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash, cash equivalents and short-term investments (at amortized cost plus accrued interest) consisted of the following:

	As of December 31, 2017		As of December 31, 2016
Cash and cash equivalents	$	3,798,811	$	5,150,344
Short-term investments		-		5,474,013
Total	$	3,798,811	$	10,624,357

Held to maturity securities (certificates of deposit) are carried at amortized cost. Short-term investments were liquidated during 2017 to finance the investment in our Nisin production facility. The cost of securities sold is determined based on the specific identification method. Realized gains and losses, and declines in value judged to be other than temporary, are included in investment income.

The fair value of held to maturity securities consisted of the following:

	As of December 31, 2017		As of December 31, 2016
Amortized cost	$	-	$	5,450,000
Accrued interest		-		24,013
Gross unrealized gains		-		2,073
Gross unrealized losses		-		(59	)
Estimated fair value	$	-	$	5,476,027