• Filing Date: 2019-08-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
Cash, Cash Equivalent, and Investments (Tables)
6 Months Ended
Jun. 30, 2019
Cash and Cash Equivalents [Abstract]  
Schedule of Cash, Available-for-sale Securities, Short-term and Long-term Investment Securities
The following table shows the Company’s cash, available-for-sale securities, and short-term and long-term investment securities by major security type as of June 30, 2019 and December 31, 2018:
 
June 30, 2019 (Unaudited)
 
 
 
 
 
Gross
 
Gross
 
 
 
Level
 
 
 
Unrealized
 
Unrealized
 
 
 
(1) 
 
Fair Value
 
Holding Gains
 
Holding Losses
 
Adjusted Cost
Cash and Cash Equivalents
 
 
 
 
 
 
 
 
 
Cash
 
 
$
767,894

 
$

 
$

 
$
767,894

Money Market Funds
1
 
4,013,626

 
 
 
 
 
4,013,626

Subtotal
 
 
4,781,520

 

 

 
4,781,520

Short-Term Investment Securities (2)
 
 
 
 
 
 
 
 
 
Corporate Bonds (4)
2
 
32,119,864

 
20,490

 
(4,775
)
 
32,104,149

Long-Term Investment Securities (3)
 
 
 
 
 
 
 
 
 
Corporate Bonds (4)
2
 
1,522,290

 
5,621

 

 
1,516,669

Total
 
 
$
38,423,674

 
$
26,111

 
$
(4,775
)
 
$
38,402,338


 
December 31, 2018 (Audited)
 
 
 
 
 
Gross
 
Gross
 
 
 
Level
 
 
 
Unrealized
 
Unrealized
 
 
 
(1) 
 
Fair Value
 
Holding Gains
 
Holding Losses
 
Adjusted Cost
Cash and Cash Equivalents
 
 

 

 

 

Cash
 
 
$
1,048,272

 
$

 
$

 
$
1,048,272

Money Market Funds
1
 
1,338,042

 

 

 
1,338,042

Subtotal
 
 
2,386,314

 

 

 
2,386,314

Short-Term Investment Securities (2)
 
 

 

 

 

Corporate Bonds (4)
2
 
38,731,120

 

 
(85,321
)
 
38,816,441

Total
 
 
$
41,117,434

 
$

 
$
(85,321
)
 
$
41,202,755

_________________
Notes:
(1) Definition of the three-level fair value hierarchy:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 - Other inputs that are directly or indirectly observable in the markets
Level 3 - Inputs that are generally unobservable
(2) Short-term investment securities will mature within 12 months or less, from the applicable reporting date.
(3) Long-term investment securities will mature between 12 and 18 months, from the applicable reporting date.
(4) The premium paid to purchase held-to-maturity investment securities was $23,308 and $26,014 for the three months ended June 30, 2019 and 2018, respectively. The premium paid to purchase held-to-maturity investment securities was $104,163 and $313,705 for the six months ended June 30, 2019 and 2018, respectively. The premium paid to purchase held-to-maturity investment securities was $378,681 for the year ended December 31, 2018.