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Fair Value Measurement - Marketable Securities | 3 Months Ended
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Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Fair Value Measurement - Marketable Securities | Note 4 - Fair Value Measurement - Marketable Securities Following is a description of the valuation methodologies used for assets measured at fair value as of March 31, 2018 and December 31, 2017. U.S. Agency Securities and Corporate and Municipal Securities: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.
|  | As of March 31, 2018 |
|  |  |  |  | Accrued |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Income |  |  | Gains |  |  | Losses |  |  | Value |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 26 |  |  | $ | 5 |  |  | $ | - |  |  | $ | - |  |  | $ | 31 |
Municipal securities |  |  | 8,680,430 |  |  |  | 15,392 |  |  |  | - |  |  |  | (16,843 | ) |  |  | 8,678,979 |
Total Level 2: |  |  | 8,680,456 |  |  |  | 15,397 |  |  |  | - |  |  |  | (16,843 | ) |  |  | 8,679,010 |
Total: |  | $ | 8,680,456 |  |  | $ | 15,397 |  |  | $ | - |  |  | $ | (16,843 | ) |  | $ | 8,679,010 |
|  | As of December 31, 2017 |
|  |  |  |  | Accrued |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Income |  |  | Gains |  |  | Losses |  |  | Value |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,165 |  |  | $ | 161 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,326 |
Municipal securities |  |  | 5,005,000 |  |  |  | 1,281 |  |  |  | - |  |  |  | - |  |  |  | 5,006,281 |
Total Level 2: |  |  | 5,010,165 |  |  |  | 1,442 |  |  |  | - |  |  |  | - |  |  |  | 5,011,607 |
Total: |  | $ | 5,010,165 |  |  | $ | 1,442 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,011,607 |
Marketable securities include U.S. agency securities, corporate securities, and municipal securities, which are classified as available for sale. The securities are valued at fair market value. Maturities of the securities are less than one year. Unrealized gains relating to the available for sale investment securities were recorded in the Condensed Consolidated Statement of Changes in Shareholders’ Equity as comprehensive income. These amounts were an unrealized loss of $16,843 and unrealized gain of $156 (net of effect of income tax expense of $-) for the three months ended March 31, 2018 and 2017. Proceeds from the sale of marketable securities in the three months ended March 31, 2018 and 2017 were $302,095 and $1,095,218. Gross gains of $- and $1,051 resulted from these sales for the three months ended March 31, 2018 and 2017.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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