XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Investment in Debt Securities-Available for Sale | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment in Debt Securities-Available for Sale | Note 5. Investment in Debt Securities-Available for Sale Investments in debt securities available for sale with a fair value of $7,461,875 and $9,857,087 as of March 31, 2024 and December 31, 2023, respectively, which 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 loss. The Company reviews its debt securities classified as short-term investments on a regular basis for impairment. For debt securities in unrealized loss positions, the Company determines whether any portion of the decline in fair value below the amortized cost basis is due to credit-related factors if it neither intends to sell nor anticipates that it is more likely than not that it will be required to sell prior to recovery of the amortized cost basis. The Company considers factors such as the extent to which the market value has been less than the cost, any noted failure of the issuer to make scheduled payments, changes to the rating of the security and other relevant credit-related factors in determining whether or not a credit loss exists. During the first three months of 2024 and the fiscal year ended December 31, 2023, the Company did not recognize an allowance for credit-related losses on any of our investments. 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
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 7,328,774 |  |  | $ | 7,461,875 |  |  | $ | 9,796,291 |  |  | $ | 9,857,087 |
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Short-term investment maturities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 3 months |  | $ | 7,328,773 |  |  | $ | 7,461,875 |  |  | $ | 2,467,518 |  |  | $ | 2,490,775 |
Between 3-12 months |  |  | - |  |  |  | - |  |  |  | 7,328,773 |  |  |  | 7,366,312 |
Total |  | $ | 7,328,774 |  |  | $ | 7,461,875 |  |  | $ | 9,796,291 |  |  | $ | 9,857,087 |
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 March 31, 2024 and December 31, 2023. 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)
|  | March 31, 2024 |  |  | December 31, 2023 |
Available for sale securities (all unrealized holding gains 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 |  | $ | 7,461,875 |  |  | $ | 133,101 |  |  | $ | 9,857,087 |  |  | $ | 60,796 |
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
|  | 2024 |  |  | 2023 |
|  | For the Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Interest and dividends accrued and paid |  | $ | 155,387 |  |  | $ | 356,154 |
Realized losses on Investment in debt securities |  |  | (73,466 | ) |  |  | (103,084 | )
Investment income, net |  | $ | 81,921 |  |  | $ | 253,070 |

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://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration