XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

Investment in Debt Securities-Available for Sale | 9 Months Ended
--- | ---
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Investment in Debt Securities-Available for Sale | Note 7. Investment in Debt Securities-Available for Sale Investments in debt securities available for sale with a fair value of $28,864,364 as of September 30, 2021, consisted of government backed debt securities and commercial paper. 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. The Company only had investments in cash and cash equivalents on December 31, 2020. Investments in debt 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: Schedule of Cost, Fair Value and Maturities of Short Term Investments
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 7,784,165 |  |  | $ | 7,784,894 |  |  | $ | - |  |  |  | - |
Government backed debt securities |  |  | 21,078,059 |  |  |  | 21,079,470 |  |  |  | - |  |  |  | - |
Total |  | $ | 28,862,224 |  |  | $ | 28,864,364 |  |  | $ | - |  |  | $ | - |
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investment maturities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 3 months |  | $ | 11,998,304 |  |  | $ | 11,999,400 |  |  | $ | - |  |  | $ | - |
Between 3-12 months |  |  | 16,863,920 |  |  |  | 16,864,964 |  |  |  | - |  |  |  | - |
Total |  | $ | 28,862,224 |  |  | $ | 28,864,364 |  |  | $ | - |  |  | $ | - |
The following table shows the Company’s investment in debt securities available for sale 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, 2021 and December 31, 2020. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary. Summary of Investment Securities Gross Unrealized Gains (Losses)
|  | September 30, 2021 |  |  | December 31, 2020 |
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 |  | $ | 21,029,520 |  |  | $ | 3,055 |  |  | $ | - |  |  | $ | - |
Investments with unrealized losses |  |  | 7,834,844 |  |  |  | (916 | ) |  |  | - |  |  |  | - |
Total |  | $ | 28,864,364 |  |  | $ | 2,139 |  |  | $ | - |  |  | $ | - |
Investment (loss) income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows: Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends
|  | 2021 |  |  | 2020 |
|  | Three Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Interest and dividends accrued and paid |  | $ | 6,288 |  |  | $ | 2,857 |
Realized (losses) gains |  |  | (2,736 | ) |  |  | 7,257 |
Investment income, net |  | $ | 3,552 |  |  | $ | 10,114 |
|  | 2021 |  |  | 2020 |
|  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Interest and dividends accrued and paid |  | $ | 10,135 |  |  | $ | 66,029 |
Realized (losses) gains |  |  | (4,521 | ) |  |  | 53,354 |
Investment income, net |  | $ | 5,614 |  |  | $ | 119,383 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration