Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash Equivalents and Investments

v3.23.1
Restricted Cash Equivalents and Investments
 3 Months Ended
Mar. 31, 2023
Restricted Cash Equivalents and Investments [Abstract]  
Restricted Cash Equivalents and Investments NOTE 6 – RESTRICTED CASH EQUIVALENTS AND INVESTMENTS

The following tables show the Company’s restricted cash equivalents and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as restricted cash and cash equivalents or short- and long-term investments as of March 31, 2023 and December 31, 2022.

March 31, 2023

Amortized Cost

Gross Unrealized
‎Gains

Gross Unrealized
‎Losses

Fair Value

Cash Equivalents

Short-Term
‎Investments

Long-Term
‎Investments

Cash equivalents:

Money Market Funds

$

1,665,266 

$

—

$

—

$

1,665,266 

$

1,665,266 

$

—

$

—

Subtotal

1,665,266 

—

—

1,665,266 

1,665,266 

—

—

Investments:

Corporate Notes/Bonds

2,042,493 

—

(24,436)

2,018,057 

—

2,018,057 

—

Subtotal

2,042,493 

—

(24,436)

2,018,057 

—

2,018,057 

—

Total

$

3,707,759 

$

—

$

(24,436)

$

3,683,323 

$

1,665,266 

$

2,018,057 

$

—

December 31, 2022

Amortized Cost

Gross Unrealized
‎Gains

Gross Unrealized
‎Losses

Fair Value

Cash Equivalents

Short-Term
‎Investments

Long-Term
‎Investments

Cash equivalents:

Money Market Funds

$

978,462 

$

—

$

—

$

978,462 

$

978,462 

$

—

$

—

Subtotal

978,462 

—

—

978,462 

978,462 

—

—

Investments:

Corporate Notes/Bonds

2,715,607 

—

(48,841)

2,666,766 

—

2,666,766 

—

Subtotal

2,715,607 

—

(48,841)

2,666,766 

—

2,666,766 

—

Total

$

3,694,069 

$

—

$

(48,841)

$

3,645,228 

$

978,462 

$

2,666,766 

$

—

The Company tests for other-than-temporary losses on a quarterly basis and has considered the unrealized losses indicated above to be temporary in nature. The Company intends to hold the investments until it can recover the full principal amount and has the ability to do so based on other sources of liquidity. The Company expects such recoveries to occur prior to the contractual maturities.

The Company did not recognize any gross realized gains or losses during the three months ended March 31, 2023 or 2022.

The following table summarizes the estimated fair value of our investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of March 31, 2023:
‎

Amortized Cost

Estimated Market
‎Value

Due within one year

$

2,042,493

$

2,018,057

Due after one year through five years

—

—

$

2,042,493

$

2,018,057