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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 6. Fair Value Measurements Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy:
| • | Level 1—Quoted prices in active markets for identical assets or liabilities.
| • | Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
| • | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows:
|  |  |  |  |  | Fair Value Hierarchy |
December 31, 2019 |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 13,563,791 |  |  | $ | 13,563,791 |  |  | $ | — |  |  | $ | — |
Marketable Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Bonds |  |  | 10,495,350 |  |  |  | 10,495,350 |  |  |  | — |  |  |  | — |
Total |  | $ | 24,059,141 |  |  | $ | 24,059,141 |  |  | $ | — |  |  | $ | — |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,600,284 |  |  | $ | 7,600,284 |  |  | $ | — |  |  | $ | — |
Marketable Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Debt Securities |  |  | 18,935,257 |  |  |  | 18,935,257 |  |  |  | — |  |  |  | — |
Commercial Paper |  |  | 6,965,940 |  |  |  | 6,965,940 |  |  |  | — |  |  |  | — |
U.S. Treasury Bonds |  |  | 35,061,890 |  |  |  | 35,061,890 |  |  |  | — |  |  |  | — |
Total |  | $ | 68,563,371 |  |  | $ | 68,563,371 |  |  | $ | — |  |  | $ | — |
The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the years ended December 31, 2019 and 2018. The carrying amount of the Company’s receivables and payables approximate their fair value due to their maturity.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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