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FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 4. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, “Fair Value Measurements”, defines fair value, establishes a framework for measuring fair value and requires additional disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows:
| ● | Level 1 – quoted market prices in active markets for identical assets and liabilities
​
| ● | Level 2 – inputs other than quoted prices that are directly or indirectly observable
​
| ● | Level 3 – unobservable inputs where there is little or no market activity
​ The following tables summarize the values of assets designated as Investments in debt and equity securities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities | ​ | $ | 18,323,403 | ​ | $ | — | ​ | $ | — | ​ | $ | 18,323,403
Mutual funds | ​ | ​ | 16,059,428 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,059,428
Municipal bonds | ​ | ​ | 668,668 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 668,668
​ | ​ | $ | 35,051,499 | ​ | $ | — | ​ | $ | — | ​ | $ | 35,051,499
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities | ​ | $ | 18,282,556 | ​ | $ | — | ​ | $ | — | ​ | $ | 18,282,556
Mutual funds | ​ | ​ | 15,656,757 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,656,757
Municipal bonds | ​ |  | 681,900 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 681,900
​ | ​ | $ | 34,621,213 | ​ | $ | — | ​ | $ | — | ​ | $ | 34,621,213
​ The investment assets are held as trading securities and are carried at fair value as of the date of the Condensed Balance Sheets. The Company intends to hold these assets for possible future operating requirements. The following table summarizes gross unrealized gains and losses from Investments in debt and equity securities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ | ​ | ​ | ​ | ​ | Cumulative Unrealized | ​ | Aggregate
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
Equity securities | ​ | $ | 24,151,932 | ​ | ​ | — | ​ | ​ | (5,828,529) | ​ | ​ | 18,323,403
Mutual funds | ​ | ​ | 15,975,653 | ​ | ​ | 83,775 | ​ | ​ | — | ​ | ​ | 16,059,428
Municipal bonds | ​ | ​ | 635,929 | ​ | ​ | 32,739 | ​ | ​ | — | ​ | ​ | 668,668
​ | ​ | $ | 40,763,514 | ​ | $ | 116,514 | ​ | $ | (5,828,529) | ​ | $ | 35,051,499
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | Cumulative Unrealized | ​ | Aggregate
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
Equity securities | ​ | $ | 24,074,112 | ​ | $ | — | ​ | $ | (5,791,556) | ​ | $ | 18,282,556
Mutual funds | ​ | ​ | 15,576,527 | ​ | ​ | 80,230 | ​ | ​ | — | ​ | ​ | 15,656,757
Municipal bonds | ​ |  | 635,425 | ​ | ​ | 46,475 | ​ | ​ | — | ​ | ​ | 681,900
​ | ​ | $ | 40,286,064 | ​ | $ | 126,705 | ​ | $ | (5,791,556) | ​ | $ | 34,621,213
​ Unrealized losses on investments in debt and equity securities were $47 thousand and $4.8 million for the six months ended June 30, 2024 and 2023, respectively.

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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/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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