XML 22 R13.htm IDEA: XBRL DOCUMENT v3.23.3
Investment in Debt Securities-Available for Sale
 9 Months Ended
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:

 

   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.

 

   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:

 

   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