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Fair Value Measurement of Assets and Liabilities | 3 Months Ended
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Mar. 31, 2012
Fair Value Measurement of Assets and Liabilities [Abstract] |
Fair Value Measurement of Assets and Liabilities | 6. Fair Value Measurement of Assets and Liabilities The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2012 and December 31, 2011:
Description |  | Balances as of March 31, 2012 |  |  | Quoted Prices in active markets for identical Assets (Level 1) |  |  | Balances as of December 31, 2011 |  |  | Quoted Prices in active markets for identical Assets (Level 1) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 24,953,117 |  |  | $ | 24,953,117 |  |  | $ | 20,836,617 |  |  | $ | 20,836,617 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset backed securities |  |  | 18,261,045 |  |  |  | 18,261,045 |  |  |  | 18,309,316 |  |  |  | 18,309,316 |
Sovereign Debt Securities |  |  | 10,170,152 |  |  |  | 10,170,152 |  |  |  | 10,708,563 |  |  |  | 10,708,563 |
Corporate Debt Securities |  |  | 20,335,233 |  |  |  | 20,335,233 |  |  |  | 17,824,331 |  |  |  | 17,824,331 |
Total financial Assets |  | $ | 73,719,547 |  |  | $ | 73,719,547 |  |  | $ | 67,678,827 |  |  | $ | 67,678,827 |
The Company’s financial assets are valued using market prices on active markets (level 1). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. As of March 31, 2012 and December 31, 2011, the Company did not have any assets obtained from readily-available pricing sources for comparable instruments (level 2) or without observable market values that would require a high level of judgment to determine fair value (level 3). The unrealized net gains on short term and long term investments are reported as a component of accumulated other comprehensive income. The Company does not anticipate any significant realized losses associated with those investments in excess of the Company’s historical cost. In addition, as of March 31, 2012 and December 31, 2011, the Company had $77,040,200 and $72,019,726 of short-term investments, which consisted of time deposits maintained as held to maturity investments. Those investments are accounted for at amortized cost which, as of March 31, 2012 and December 31, 2011, approximates their fair values. As of March 31, 2012 and December 31, 2011, the carrying value of the Company’s cash and cash equivalents approximated their fair value which was held primarily in money markets funds and bank deposits. In addition, the carrying value of accounts receivables, credit card receivables, funds payable to customers, other receivables, other assets, accounts payables, social security payables, taxes payables, loans and provisions and other liabilities approximates their fair values because of its short term maturity. For the three-month periods ended March 31, 2012 and 2011, the Company held no direct investments in auction rate securities, collateralized debt obligations, structured investment vehicles. As of March 31, 2012 and December 31, 2011, the Company does not have any non-financial assets or liabilities measured at fair value. As of March 31, 2012 and December 31, 2011, the fair value of short and long-term investments classified as available for sale securities are as follows:
|  | March 31, 2012 |
|  | Gross Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Estimated Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities |  | $ | 1,776,034 |  |  | $ | 16,721 |  |  | $ | (12,902 | ) |  | $ | 1,779,853 |
Corporate Debt Securities |  |  | 3,921,896 |  |  |  | 42,568 |  |  |  | (62,360 | ) |  |  | 3,902,104 |
Total Short-term investments |  | $ | 5,697,930 |  |  | $ | 59,289 |  |  | $ | (75,262 | ) |  | $ | 5,681,957 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities |  | $ | 8,016,383 |  |  | $ | 418,169 |  |  | $ | (44,253 | ) |  | $ | 8,390,299 |
Corporate Debt Securities |  |  | 16,296,878 |  |  |  | 246,235 |  |  |  | (109,984 | ) |  |  | 16,433,129 |
Asset Backed Securities (2) |  |  | 17,702,718 |  |  |  | 769,170 |  |  |  | (210,843 | ) |  |  | 18,261,045 |
Total Long-term investments |  | $ | 42,015,979 |  |  | $ | 1,433,574 |  |  | $ | (365,080 | ) |  | $ | 43,084,473 |
Total |  | $ | 47,713,909 |  |  | $ | 1,492,863 |  |  | $ | (440,342 | ) |  | $ | 48,766,430 |
|  | December 31, 2011 |
|  | Gross Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Estimated Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities |  | $ | 1,554,448 |  |  | $ | 322 |  |  | $ | — |  |  | $ | 1,554,770 |
Corporate Debt Securities |  |  | 1,375,006 |  |  |  | — |  |  |  | (20,882 | ) |  |  | 1,354,124 |
Total Short-term investments |  | $ | 2,929,454 |  |  | $ | 322 |  |  | $ | (20,882 | ) |  | $ | 2,908,894 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sovereign Debt Securities |  | $ | 8,483,883 |  |  | $ | 669,910 |  |  | $ | — |  |  | $ | 9,153,793 |
Corporate Debt Securities |  |  | 16,386,974 |  |  |  | 187,946 |  |  |  | (104,713 | ) |  |  | 16,470,207 |
Asset Backed Securities (2) |  |  | 17,647,012 |  |  |  | 715,749 |  |  |  | (53,445 | ) |  |  | 18,309,316 |
Total Long-term investments |  | $ | 42,517,869 |  |  | $ | 1,573,605 |  |  | $ | (158,158 | ) |  | $ | 43,933,316 |
Total |  | $ | 45,447,323 |  |  | $ | 1,573,927 |  |  | $ | (179,040 | ) |  | $ | 46,842,210 |
(1) | Unrealized losses from securities are primarily attributable to market price movements. Management does not believe any remaining unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence including the credit rating of the investments, as of March 31, 2012 and December 31, 2011.
(2) | Asset backed securities have investment grade credit ratings. These investments are collateralized by real estated and they are guaranteed by the U.S. Federal Gonvernment.
As of March 31, 2012, the estimated fair values of short-term and long-term investments classified by its contractual maturities are as follows:
One year or less |  | $ | 5,681,957 |
One year to two years |  |  | 2,184,022 |
Two years to three years |  |  | 14,481,405 |
Three years to four years |  |  | 10,572,742 |
Four years to five years |  |  | 5,521,910 |
More than five years |  |  | 10,324,394 |
Total |  | $ | 48,766,430 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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