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Marketable Equity Securities
 6 Months Ended
Jun. 30, 2020
Marketable Securities [Abstract]  
Marketable Equity Securities

5. Marketable Equity Securities

 

Marketable securities in equity securities with readily determinable market prices consisted of the following as of June 30, 2020 and December 31, 2019: 

 

    Marketable equity securities at June 30, 2020
        Gross unrealized   Gross realized    
    Cost   gains (losses)   gains (losses)   Fair value
Common shares   $       327,378   $              268,935   $                       —   $       596,313

 

    Marketable equity securities at December 31, 2019
        Gross unrealized   Gross realized    
    Cost   gains (losses)   gains (losses)   Fair value
Common shares   $       423,025   $              216,622   $                       —   $       639,647

  

The following table presents additional information about marketable equity securities:

 

    Marketable
    Equity Securities
Balance at January 1, 2020   $                 639,647
Sales of marketable equity securities   (110,355)
Realized gains on marketable equity securities   14,708
Unrealized losses on marketable equity securities   52,313
Balance at June 30, 2020   $                 596,313

  

At June 30, 2020 and December 31, 2019, the Company had invested in the marketable equity securities of certain publicly traded companies. During the three and six months ended June 30, 2020, unrealized gains of $173,381 and $52,313, respectively, were included in net income as a component of change in fair value of equity securities. During the year ended December 31, 2019, the Company recognized unrealized gains of $258,905. The Company’s investment in marketable equity securities will be revalued on each balance sheet date.  The fair value of the Company’s holdings in marketable equity securities at June 30, 2020 and December 31, 2019 is a Level 1 measurement based on quoted prices in an active market. 

 

At June 30, 2020 and December 31, 2019, the Company also held equity investments in private companies and an investment in a limited partnership. These investments do not have readily determinable fair values and have been measured at cost less impairment, if any, and adjusted for observable price changes for identical or similar investments of the issuer.