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Investment in Debt Securities-Available for Sale | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment in Debt Securities-Available for Sale | Note 6. Investment in Debt Securities-Available for Sale Investments in debt securities available for sale with a fair value of $6,492,675 and $21,254,485 as of September 30, 2023 and December 31, 2022, respectively, consisted of U.S. Treasury securities and 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 income (loss). 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, 2023 |  |  | December 31, 2022 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 2,464,960 |  |  | $ | 2,498,335 |  |  | $ | - |  |  | $ | - |
Corporate debt securities |  |  | 4,007,280 |  |  |  | 3,994,340 |  |  |  | 21,227,991 |  |  |  | 21,254,485 |
Total |  | $ | 6,472,240 |  |  | $ | 6,492,675 |  |  | $ | 21,227,991 |  |  | $ | 21,254,485 |
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investment maturities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 3 months |  | $ | 6,472,240 |  |  | $ | 6,492,675 |  |  | $ | 4,005,559 |  |  | $ | 3,994,590 |
Between 3 and 12 months |  |  | - |  |  |  | - |  |  |  | 17,222,432 |  |  |  | 17,259,895 |
Total |  | $ | 6,472,240 |  |  | $ | 6,492,675 |  |  | $ | 21,227,991 |  |  | $ | 21,254,485 |
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, 2023 and December 31, 2022. 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, 2023 |  |  | December 31, 2022 |
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 in debt securities with unrealized gains |  | $ | 2,498,335 |  |  | $ | 33,375 |  |  | $ | 13,278,505 |  |  | $ | 43,508 |
Investments in debt securities with unrealized gains (losses) |  |  | 3,994,340 |  |  |  | (12,940 | ) |  |  | 7,975,980 |  |  |  | (17,014 | )
Total |  | $ | 6,492,675 |  |  | $ | 20,435 |  |  | $ | 21,254,485 |  |  | $ | 26,494 |
Investment income, which includes net realized gains (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
|  | 2023 |  |  | 2022 |
|  | For the Three Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Interest and dividends accrued and paid |  | $ | 264,284 |  |  | $ | 163,670 |
Realized gains (losses) |  |  | 163,170 |  |  |  | (10,369 | )
Investment income, net |  | $ | 427,454 |  |  | $ | 153,301 |
|  | 2023 |  |  | 2022 |
|  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Interest and dividends accrued and paid |  | $ | 935,284 |  |  | $ | 240,063 |
Realized gains (losses) |  |  | 26,913 |  |  |  | (34,303 | )
Investment income, net |  | $ | 962,197 |  |  | $ | 205,760 |

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