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Fair Value of Financial Instruments | 6 Months Ended
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Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments |
Note 6. | Fair Value of Financial Instruments
Short-term investments available for sale of $13,442,107 and $12,724,020 as of June 30, 2018 and December 31, 2017, respectively, consist of money market funds, commercial paper, corporate debt securities, and government agency debt securities. They are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in accumulated other comprehensive loss. Securities available for sale are evaluated periodically to determine whether a decline in their value is other than temporary. The term “other than temporary” is not intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, to predict whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized. A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows:
|  | June 30, 2018 |  |  | December 31, 2017 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposit |  | $ | 1,714,375 |  |  | $ | 1,721,698 |  |  | $ | - |  |  | $ | - |
Corporate debt securities |  |  | 11,731,979 |  |  |  | 11,720,409 |  |  |  | 12,734,184 |  |  |  | 12,724,020 |
Total |  | $ | 13,446,354 |  |  | $ | 13,442,107 |  |  | $ | 12,734,184 |  |  |  | 12,724,020 |
|  | June 30, 2018 |  |  | December 31, 2017 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investment maturities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 3 months |  | $ | 4,241,961 |  |  | $ | 4,244,210 |  |  | $ | - |  |  | $ | - |
Between 3-12 months |  |  | 9,204,393 |  |  |  | 9,197,897 |  |  |  | 12,734,184 |  |  |  | 12,724,020 |
Total |  | $ | 13,446,354 |  |  | $ | 13,442,107 |  |  | $ | 12,734,184 |  |  | $ | 12,724,020 |
The following table shows the Company’s investment securities gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.
|  | June 30, 2018 |  |  | December 31, 2017 |
Available for sale securities (all unrealized holding gains and losses are less than 12 months at date of measurement) |  | Fair Value |  |  | Unrealized Holding Gains (Losses) |  |  | Fair Value |  |  | Unrealized Holding Gains (Losses) |
Investments with unrealized gains |  | $ | 4,986,645 |  |  | $ | 10,663 |  |  | $ | 748,148 |  |  | $ | 570 |
Investments with unrealized losses |  |  | 8,455,462 |  |  |  | (14,910 | ) |  |  | 11,975,872 |  |  |  | (10,734 | )
Total |  | $ | 13,442,107 |  |  | $ | (4,247 | ) |  | $ | 12,724,020 |  |  | $ | (10,164 | )
Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows:
|  | Three Months Ended June 30, |
|  | 2018 |  |  | 2017 |
Interest and dividends accrued and paid |  | $ | 69,559 |  |  | $ | 1,426 |
Realized gains |  |  | 3,902 |  |  |  | - |
Investment income, net |  | $ | 73,461 |  |  | $ | 1,426 |
|  | Six Months Ended June 30, |
|  | 2018 |  |  | 2017 |
Interest and dividends accrued and paid |  | $ | 138,848 |  |  | $ | 3,417 |
Realized gains |  |  | 8,337 |  |  |  | - |
Investment income, net |  | $ | 147,185 |  |  | $ | 3,417 |

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