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Marketable Securities

6 Months Ended

Jun. 30, 2021

Note 4: Marketable Securities

The Company classifies and accounts for its marketable debt securities as available-for-sale and the securities are stated at fair value.

The investments in marketable securities had an adjusted cost basis of $80,902,119 and a market value of $80,392,494 as of June 30, 2021.


	Adjusted Cost		Unrealized Loss			Fair Value
Corporate Bonds	$	45,625,483	$	(371,032	)	$	45,254,451
U.S. Treasury		5,997,340		(32,998	)		5,964,342
U.S. agency and government sponsored securities		5,300,463		(6,186	)		5,294,277
U.S. states and municipalities		11,231,747		(81,470	)		11,150,277
Asset-Backed		12,747,086		(17,939	)		12,729,147
Total	$	80,902,119	$	(509,625	)	$	80,392,494

The Company reported the unrealized losses, net of taxes, as a component of stockholders' equity. The decline in fair value is largely due to changes in interest rates and other market conditions. The Company has evaluated these securities and determined that no allowance is necessary based on the credit quality and the low risk of loss due to the security type. The fair value is expected to recover as the securities approach maturity.

The contractual maturities of the Company’s marketable investments as of June 30, 2021 were as follows:

Summary of contractual maturity
	Fair Value
Due after 1 year through five years	$	70,408,695
Due after 5 years through 10 years		2,074,020
Due after 10 years (a)		7,909,779
Total	$	80,392,494

(a)

Included within this category are municipal bonds with a fair value of $2,300,000 that the Company plans to sell within the next twelve months.

The Company may sell certain of its marketable debt securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation.

The Company did not sell any securities during the three or six months ended June 30, 2021, that resulted in gains or losses.