3.  Marketable Securities

 

The following table shows the Company’s marketable securities’ adjusted cost, gross unrealized gains and losses, and fair value by significant investment category as of December 31, 2018 and 2017:







The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss.  As of December 31, 2018, the Company had six corporate bonds with an aggregate fair value of $5,981,520 and unrealized losses of $17,836, all of which have been unrealized losses for greater than 12 months.  The Company does not intend to sell its marketable securities in an unrealized loss position.  Based upon the Company’s securities’ fair value relative to the cost, high ratings and volatility of fair value, the Company considers the declines in market value of its marketable securities to be temporary in nature and does not consider any of its investments other-than-temporarily impaired, and anticipates that it will recover the entire amortized cost basis.



As of December 31, 2018, all of the Company’s marketable securities are due to mature in less than one year.