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Short Term Investments Available for Sale | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Short Term Investments Available for Sale | 3. SHORT TERM INVESTMENTS AVAILABLE FOR SALE Short-term investments available for sale of $14,257,998 and $12,724,020 as of December 31, 2018 and 2017, respectively, consist of corporate debt securities. These investments 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:
|  | December 31, 2018 |  |  | December 31, 2017 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 14,228,126 |  |  | $ | 14,257,998 |  |  | $ | 12,734,184 |  |  | $ | 12,724,020 |
Total |  | $ | 14,228,126 |  |  | $ | 14,257,998 |  |  | $ | 12,734,184 |  |  | $ | 12,724,020 |
|  | December 31, 2018 |  |  | December 31, 2017 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investment maturities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 3 months |  | $ | 5,383,488 |  |  | $ | 5,393,743 |  |  | $ | - |  |  | $ | - |
Between 3-12 months |  |  | 8,844,638 |  |  |  | 8,864,255 |  |  |  | 12,734,184 |  |  |  | 12,724,020 |
Total |  | $ | 14,228,126 |  |  | $ | 14,257,998 |  |  | $ | 12,734,184 |  |  | $ | 12,724,020 |
The following table shows the Company’s investment securities gross unrealized gains (losses) and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2018 and 2017. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.
|  | December 31, 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 |  | $ | 7,515,676 |  |  | $ | 38,068 |  |  | $ | 748,148 |  |  | $ | 570 |
Investments with unrealized losses |  |  | 6,742,322 |  |  |  | (8,196 | ) |  |  | 11,975,872 |  |  |  | (10,734 | )
Total |  | $ | 14,257,998 |  |  | $ | 29,872 |  |  | $ | 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:
|  | 2018 |  |  | 2017 |
Interest and dividends accrued and paid |  | $ | 331,780 |  |  | $ | 26,041 |
Accretion of investment discounts and premiums, net |  |  | 32,066 |  |  |  | - |
Losses investment maturity and sales, net |  |  | (10,164 | ) |  |  | - |
Investment income net |  | $ | 353,682 |  |  | $ | 26,041 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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