Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

Marketable Securities
9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
3. Marketable Securities
Marketable securities at September 30, 2020 consisted of the following:
Fair Value
Corporate debt
   $ 32,091,015      $ 7,005      $ (15,311    $ 32,082,709  
The Company held no marketable securities as of December 31, 2019.
Corporate debt includes obligations issued by investment-grade corporations, and may include securities that have been guaranteed by governments and government agencies. Investments classified as current have maturities of less than one year, or, for investments that have maturities of greater than one year, management may liquidate within the next twelve months. All of the Company’s marketable securities have an effective maturity of less than two years.
At September 30, 2020, the Company held 15 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 September 30, 2020 was $19,592,520. 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 September 30, 2020.