Quarterly report pursuant to Section 13 or 15(d)

Fair Value (Tables)

v3.10.0.1
Fair Value (Tables)
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Assets and liabilities measured on a recurring basis
The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of September 30, 2018 and December 31, 2017:
 
September 30, 2018
 
 
 
Fair Value
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Other equity securities
$
1,161,034

 
$

 
$

 
$
1,161,034

Total Assets
$
1,161,034

 
$

 
$

 
$
1,161,034

 
December 31, 2017
 
 
 
Fair Value
 
Total
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
Other equity securities
$
2,958,315

 
$

 
$

 
$
2,958,315

Total Assets
$
2,958,315

 
$

 
$

 
$
2,958,315

The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs
The changes for all Level 3 securities measured at fair value on a recurring basis using significant unobservable inputs for the nine months ended September 30, 2018 and 2017 are as follows:
Level 3 Rollforward
For the Nine Months Ended September 30, 2018
 
Fair Value Beginning Balance
 
Acquisitions
 
Disposals
 
Total Realized and Unrealized Gains (Losses) Included in Net Income
 
Return of Capital Adjustments Impacting Cost Basis of Securities
 
Fair Value Ending Balance
 
Changes in Unrealized Gains (Losses), Included In Net Income, Relating to Securities Still Held (1)
Other equity securities
 
$
2,958,315

 
$

 
$

 
$
(1,797,281
)
 
$

 
$
1,161,034

 
$
(1,797,281
)
Total
 
$
2,958,315

 
$

 
$

 
$
(1,797,281
)
 
$

 
$
1,161,034

 
$
(1,797,281
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other equity securities
 
$
9,287,209

 
$

 
$

 
$
1,410,623

 
$
(239,850
)
 
$
10,457,982

 
$
1,410,623

Total
 
$
9,287,209

 
$

 
$

 
$
1,410,623

 
$
(239,850
)
 
$
10,457,982

 
$
1,410,623

(1) Located in Net realized and unrealized gain on other equity securities in the Consolidated Statements of Income

Carrying and Fair Value Amounts
Carrying and Fair Value Amounts
 
Level within fair value hierarchy
 
September 30, 2018
 
December 31, 2017
 
 
Carrying
    Amount (1)
 
Fair Value
 
Carrying
    Amount (1)
 
Fair Value
Financial Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
Level 1
 
$
19,611,813

 
$
19,611,813

 
$
15,787,069

 
$
15,787,069

Financing notes receivable (Note 5)
Level 3
 
$
1,000,000

 
$
1,000,000

 
$
1,500,000

 
$
1,500,000

Financial Liabilities:
 
 
 
 
 
 
 
 
Secured Credit Facilities
Level 2
 
$
38,129,904

 
$
38,129,904

 
$
40,745,354

 
$
40,745,354

Unsecured convertible senior notes
Level 1
 
$
112,580,474

 
$
132,247,119

 
$
112,032,083

 
$
139,101,660

(1) The carrying value of debt balances are presented net of unamortized original issuance discount and debt issuance costs.