Cash, Cash Equivalent, and Investments (Tables)

9 Months Ended

Sep. 30, 2019

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Available-for-sale Securities, Short-term and Long-term Investment Securities

The following table shows the Company’s cash, available-for-sale securities, and short-term and long-term investment securities by major security type as of September 30, 2019 and December 31, 2018:


	September 30, 2019 (Unaudited)
				Gross		Gross
	Level			Unrealized		Unrealized
	⁽¹⁾	Fair Value		Holding Gains		Holding Losses		Adjusted Cost
Cash and Cash Equivalents
Cash		$	552,569	$	—	$	—	$	552,569
Money Market Funds	1	4,109,758		—		—		4,109,758
Subtotal		4,662,327		—		—		4,662,327
Short-Term Investment Securities ⁽²⁾
Corporate Bonds ⁽⁴⁾	2	30,794,626		16,862		(15,708)		30,793,472
Long-Term Investment Securities ⁽³⁾
Corporate Bonds ⁽⁴⁾	2	1,527,865		13,712		—		1,514,153
Total		$	36,984,818	$	30,574	$	(15,708)	$	36,969,952


	December 31, 2018 (Audited)
				Gross		Gross
	Level			Unrealized		Unrealized
	⁽¹⁾	Fair Value		Holding Gains		Holding Losses		Adjusted Cost
Cash and Cash Equivalents
Cash		$	1,048,272	$	—	$	—	$	1,048,272
Money Market Funds	1	1,338,042		—		—		1,338,042
Subtotal		2,386,314		—		—		2,386,314
Short-Term Investment Securities ⁽²⁾
Corporate Bonds ⁽⁴⁾	2	38,731,120		—		(85,321)		38,816,441
Total		$	41,117,434	$	—	$	(85,321)	$	41,202,755

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Notes:

(1) Definition of the three-level fair value hierarchy:

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

•Level 2 - Other inputs that are directly or indirectly observable in the markets

•Level 3 - Inputs that are generally unobservable

(2) Short-term investment securities will mature within 12 months or less, from the applicable reporting date.

(3) Long-term investment securities will mature between 12 and 18 months, from the applicable reporting date.

(4) The premium paid to purchase held-to-maturity investment securities was $54,385 and $0 for the three months ended September 30, 2019 and 2018, respectively. The premium paid to purchase held-to-maturity investment securities was $158,548

and $205,038 for the nine months ended September 30, 2019 and 2018, respectively. The premium paid to purchase held-to-maturity investment securities was $378,681 for the year ended December 31, 2018.