v3.23.2
Marketable Investment Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Investment Securities

(4) Marketable Investment Securities

 

The Company has classified its marketable investment securities as available-for-sale securities, all of which are debt securities. These securities are carried at fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive income (loss) in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security as of June 30, 2023, and December 31, 2022, were as follows:

 

June 30, 2023  Amortized
Cost		   Gross
unrealized
holding gains		   Gross
unrealized
holding
losses		   Aggregate
fair value		 
                 
Government treasury bills  $2,360,569   $         -   $(2,937)  $2,357,632 
Corporate bonds, notes and commercial paper   9,703,495    -    (6,102)   9,697,393 
U.S. government agency securities   8,727,023    -    (6,773)   8,720,250 
                     
   $20,791,087   $-   $(15,812)  $20,775,275 

 

December 31, 2022  Amortized
Cost		   Gross
unrealized
holding gains		   Gross
unrealized
holding
losses		   Aggregate
fair value		 
                 
Government treasury bills  $5,973,087   $-   $(14,087)  $5,959,000 
Commercial paper   20,052,505    -    (10,885)   20,041,620 
U.S. government agency securities   3,376,139    4,651    -    3,380,790 
                     
   $29,401,731   $4,651   $(24,972)  $29,381,410 

 

Maturities of debt securities classified as available-for-sale securities as of June 30, 2023, are as follows:

 

Schedule of Maturities of Debt Securities Classified as Available-for-sale Securities

June 30, 2023  Amortized
Cost		   Aggregate
fair value		 
Due within one year  $20,791,087   $20,775,275 
   $20,791,087   $20,775,275 

 

There were no sales of marketable investment securities during the three and six months ended June 30, 2023, and 2022 and therefore no realized gains or losses. Additionally, during the three months ended June 30, 2023 and 2022, $5.9 million and $8.6 million of marketable investment securities matured, and during the six months ended June 30, 2023 and 2022, $17.9 million and $33.8 million of marketable investment securities matured, respectively. The Company determined there were no other-than-temporary impairments for the three and six months ended June 30, 2023, and 2022.