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Note 8. Fair Value of Financial Instruments.
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Jun. 30, 2012
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| Fair Value Disclosures [Text Block] |
8. FAIR
VALUE OF FINANCIAL INSTRUMENTS.
The
Company measures fair value in accordance with a fair value
hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs
(Level 3 measurements). The three levels of the
fair value hierarchy are described below:
Level
1 - Unadjusted quoted prices in active markets that are
accessible at the measurement date for identical unrestricted
assets or liabilities;
Level
2 - Quoted prices in markets that are not active, or inputs
that are observable, either directly or indirectly, for
substantially the full term of the asset or liability;
and
Level
3 - Prices or valuation techniques that require inputs that
are both significant to the fair value measurement and
unobservable (supported by little or no market
activity).
The
following table sets forth the Company’s financial
assets and liabilities measured at fair value by level within
the fair value hierarchy. Assets and liabilities are
classified in their entirety based on the lowest level of
input that is significant to the fair value
measurement.
The
table below sets forth a summary of the fair values of the
Company’s financial assets and liabilities as of June
30, 2012:
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