Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

Marketable Securities
6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
3. Marketable Securities
Marketable securities at June 30, 2020 consisted of the following:
Amortized Cost
Fair Value
Short-term marketable securities:
Corporate debt
   $ 8,833,593      $ 1,180      $ (2,792    $ 8,831,981  
Long-term marketable securities:
Corporate debt
     18,692,353        7,898        (13,415      18,686,836  
   $ 27,525,946      $ 9,078      $ (16,207    $ 27,518,817  
The Company held no marketable securities as of December 31, 2019.
Corporate debt includes obligations issued by investment-grade corporations, and may include
that have been guaranteed by governments and government agencies. Investments classified as short-term have maturities of less than one year, and investments classified as long-term are those that have maturities of greater than one year and management does not intend to liquidate within the next twelve months. All of the Company’s marketable securities have an effective maturity of less than two years.
At June 30, 2020, the Company held 13 debt securities that individually and in total were in an unrealized loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position at June 30, 2020 was $16,218,619. The Company evaluated its securities for other-than-temporary impairment and considered the decline in market value for the securities to be primarily attributable to current economic and market conditions. It is not more likely than not that the Company will be required to sell the securities prior to the recovery of the amortized cost basis. Based on this analysis, these marketable securities were not considered to be other-than-temporarily impaired as of June 30, 2020.