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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:

 

   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.

 

    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:

 

   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