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Investment in Debt Securities - Available for Sale
 9 Months Ended
Sep. 30, 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 $0 and $9,857,087 as of September 30, 2024 and December 31, 2023, 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 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 nine months of 2024 and 2023, the Company did not recognize an allowance for credit-related losses on any of its investments.

 

 

A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows:

 

   September 30, 2024   December 31, 2023 
   Cost   Fair Value   Cost   Fair Value 
Short-term investments                    
U.S. Treasury securities  $-   $-   $9,796,291   $9,857,087 

 

   September 30, 2024   December 31, 2023 
   Cost   Fair Value   Cost   Fair Value 
Short-term investment maturities                    
Within 3 months  $-   $-   $2,467,518   $2,490,775 
Between 3 and 12 months   -    -    7,328,773    7,366,312 
Total  $-   $-   $9,796,291   $9,857,087 

 

The following table shows for the Company’s investment in available-for-sale debt securities: 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, 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.

 

   September 30, 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  $-   $-   $9,857,087   $60,796 

 

Investment income, net, which includes net realized losses on sales of available-for-sale securities and investment income interest and dividends, is summarized as follows:

 

         
  

For the Three Months Ended

September 30,

 
   2024   2023 
Interest and dividends accrued and paid  $115,992   $264,284 
Realized gains (losses) on investment in debt securities   -    163,170 
Investment income, net  $115,992   $427,454 

 

         
  

For the Nine Months Ended

September 30,

 
   2024   2023 
Interest and dividends accrued and paid  $361,264   $935,284 
Realized gains (losses) on investment in debt securities   61,983    26,913 
Investment income, net  $423,247   $962,197