Marketable securities with remaining maturities less than one year are classified as short-term, and those with remaining maturities greater than one year are classified as long-term. The fair value of our marketable securities as of September 30, 2015, by maturity, were as follows:

     Gross unrealized losses totaled $17,615 as of September 30, 2015, and were attributed to four corporate bonds out of a portfolio of 27 corporate and municipal bonds. The gross unrealized losses were due to market-price decreases after the bonds were purchased.

     All of the bonds we held had investment-grade credit ratings by Moody’s or Standard and Poor’s. For each bond with an unrealized loss, we expect to recover the entire cost basis of each security based on our consideration of factors including their credit ratings, the underlying ratings of insured bonds, and historical default rates for securities of comparable credit rating.

     One corporate bond, with a fair market value of $2,597,444, had been in a continuous unrealized loss position for 12 months or greater. For this security, we also considered the severity of unrealized loss, which was approximately 0.3% of adjusted cost.

     Because we expect to recover the cost basis of investments held, we do not consider any of our marketable securities to be other-than-temporarily impaired as of September 30, 2015.