The Company’s short-term investments by significant investment category as of March 31, 2025, were as follows:


Description	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Estimated Fair Value
Level 1: (1)
Cash alternatives	$	268,288	$	-	$	-	$	-	$	268,288
Certificates of deposit		2,329,000		4,965		-		17,916		2,351,881
	$	2,597,288	$	4,965	$	-	$	17,916	$	2,620,169

(1)

Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.

The Company’s short-term investments by significant investment category as of December 31, 2024, were as follows:


Description	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Estimated Fair Value
Level 1: (1)
Cash alternatives	$	814,717	$	-	$	-	$	-	$	814,717
Certificates of deposit		2,349,000		4,572		-		48,776		2,402,348
	$	3,163,717	$	4,572	$	-	$	48,776	$	3,217,065

(1)

Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.

Cash alternatives represent cash balances in savings accounts and U.S. Treasury Bills that are temporarily on-hand that are immediately available for investments in accordance with the Company’s investment policy.

The Company typically invests in highly rated securities and its investment policy limits the amount of credit exposure to any one issuer. The policy requires investments in fixed income instruments denominated and payable in U.S. dollars only and requires investments to be investment grade, with a primary objective of minimizing the potential risk of principal loss.