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Investment in Debt Securities - Available for Sale (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cost, Fair Value and Maturities of Short Term 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 
Summary of Investment Securities Gross Unrealized Gains (Losses)

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 
Summary of Net Realized Losses on Sales of Available for Sale Securities and Investment Income Interest and Dividends

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