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Short Term Investments Available for Sale

12 Months Ended

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