| Cash Equivalents and Investments |
NOTE 4 – CASH EQUIVALENTS AND INVESTMENTS
The following tables show the Company’s cash equivalents and available –for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short- and long-term investments as of March 31, 2020 and December 31, 2019:
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March 31, 2020
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Amortized Cost
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Gross Unrealized Gains
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Gross Unrealized Losses
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Fair Value
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Cash Equivalents
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Short-Term Investments
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Long-Term Investments
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Cash equivalents:
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Money Market funds
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$
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16,913,000
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$
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-
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$
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-
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$
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16,913,000
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$
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16,913,000
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$
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-
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$
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-
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Subtotal
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16,913,000
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-
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-
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16,913,000
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16,913,000
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-
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-
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Investments:
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Commercial Paper
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11,316,000
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1,000
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(17,000)
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11,300,000
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-
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11,300,000
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-
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Convertible Debt
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355,000
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-
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-
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355,000
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-
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-
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355,000
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Subtotal
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11,671,000
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1,000
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(17,000)
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11,655,000
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-
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11,300,000
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355,000
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Total
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$
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28,584,000
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$
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1,000
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$
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(17,000)
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$
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28,568,000
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$
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16,913,000
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$
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11,300,000
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$
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355,000
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December 31, 2019
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Amortized Cost
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Gross Unrealized Gains
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Gross Unrealized Losses
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Fair Value
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Cash Equivalents
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Short-Term Investments
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Long-Term Investments
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Cash equivalents:
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Money Market funds
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$
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8,761,000
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$
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-
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$
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-
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$
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8,761,000
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$
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8,761,000
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$
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-
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$
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-
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Subtotal
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8,761,000
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-
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-
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8,761,000
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8,761,000
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-
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-
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Investments:
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Commercial Paper
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8,695,000
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-
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(1,000)
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8,694,000
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-
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8,694,000
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-
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Corporate Notes/Bonds
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756,000
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-
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-
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756,000
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-
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756,000
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-
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Convertible Debt
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250,000
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-
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-
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250,000
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-
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-
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250,000
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Subtotal
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9,701,000
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-
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(1,000)
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9,700,000
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-
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9,450,000
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250,000
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Total
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$
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18,462,000
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$
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-
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$
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(1,000)
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$
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18,461,000
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$
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8,761,000
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$
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9,450,000
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$
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250,000
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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. All unrealized losses as of March 31, 2020 were in a continuous loss position of less than twelve months and are not deemed to be other than temporarily impaired as of March 31, 2020.
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, 2020:
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Amortized Cost
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Estimated Market Value
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Due within one year
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$
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11,316,000
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$
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11,300,000
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Due after one year through five years
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355,000
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355,000
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$
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11,671,000
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$
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11,655,000
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The Company did not recognize any gross realized gains or losses during either of the three-month periods ending March 31, 2020 and 2019, respectively. If the Company had realized gains or losses, they would be included within investment and other income in the accompanying condensed consolidated statement of income and comprehensive income.
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