Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

Marketable Securities
9 Months Ended
Sep. 30, 2021
Marketable Securities  
Marketable Securities

Note 4: Marketable Securities


The Company classifies and accounts for its marketable debt securities as available-for-sale and the securities are stated at fair value.


The investments in marketable securities had an adjusted cost basis of $125,692,272 and a market value of $125,340,336 as of September 30, 2021.

    Adjusted Cost     Unrealized Gain/(Loss)     Fair Value  
Corporate Bonds   $ 50,870,232     $ (140,716 )   $ 50,729,516  
U.S. Treasury     27,074,769       (62,950 )     27,011,819  
U.S. agency and government sponsored securities     6,898,275       (12,234 )     6,886,041  
U.S. states and municipalities     15,549,377       (60,999 )     15,488,378  
Asset-Backed     24,301,617       (75,488 )     24,226,129  
Commercial paper     998,002       451       998,453  
Total   $ 125,692,272     $ (351,936 )   $ 125,340,336  


The Company reported the net unrealized losses in accumulated other comprehensive (loss) income, a component of stockholders' equity. The decline in fair value is largely due to changes in interest rates and other market conditions and is expected to recover as the securities approach maturity. The Company has evaluated these securities and determined that no allowance is necessary based on the credit quality and the low risk of loss due to the security type. The Company has not yet held marketable securities in an unrealized loss position for greater than twelve months. A net realized loss of $24,779 related to the prepayment of principals for certain mortgage-backed securities was recorded in earnings during the three months ended September 30, 2021.


The contractual maturities of the Company’s marketable investments as of September 30, 2021 were as follows: 

    Fair Value  
Due after 1 year through 5 years   $ 104,873,382  
Due after 5 years through 10 years     6,740,772  
Due after 10 years (a)     13,726,182  
Total   $ 125,340,336  


  (a) Included within this category are municipal bonds with a fair value of $2,300,000 that the Company plans to sell within the next twelve months.


The Company may sell certain of its marketable debt securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation.


The Company did not sell any securities during the three or nine months ended September 30, 2021, that resulted in material gains or losses.