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Investment in Debt Securities Available for Sale (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Cost, Fair Value and Maturities of Short Term Investments

A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows:

		September 30, 2020								December 31, 2019
		Cost				Fair Value				Cost				Fair Value
Short-term investments
Investments in debt securities		$	-			$	-			$	7,943,108			$	7,985,886
Total		$	-			$	-			$	7,943,108			$	7,985,886

		September 30, 2020								December 31, 2019
		Cost				Fair Value				Cost				Fair Value
Short-term investment maturities
Within 3 months		$	-			$	-			$	7,943,108			$	7,985,886
Total		$	-			$	-			$	7,943,108			$	7,985,886

Summary of Investment Securities Gross Unrealized Gains (Losses)

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 September 30, 2020 and December 31, 2019. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.

		September 30, 2020								December 31, 2019
Available for sale securities (all unrealized holding gains and losses are less than 12 months at date of measurement)		Fair Value				Unrealized Holding Gains				Fair Value				Unrealized Holding Gains
Investments in debt securities with unrealized Gains		$	-			$	-			$	7,985,886			$	42,778
Total		$	-			$	-			$	7,985,886			$	42,778

Summary of Net Realized Losses On Sales of Available for Sale Securities and Investment Income Interest and Dividends

Investment income, which includes net realized gains on sales of available for sale securities and investment income interest and dividends, is summarized as follows:

		Three Months Ended September 30,
		2020				2019
Interest and dividends accrued and paid		$	2,857			$	116,371
Realized gains			7,257				58,068
Investment income, net		$	10,114			$	174,439

		Nine Months Ended September 30,
		2020				2019
Interest and dividends accrued and paid		$	66,029			$	364,414
Realized gains			53,354				68,418
Investment income, net		$	119,383			$	432,832

X

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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