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Short-term and long-term investments

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Short-term and long-term investments

4. Short-term and long-term investments

The composition of short-term and long-term investments is as follows:

		December 31,				December 31,
		2014				2013
Short-term investments
Time Deposits		$	58,475,057			$	66,677,156
Sovereign Debt Securities			4,721,440				5,520,193
Corporate Debt Securities			81,810,731				4,395,865
Certificates of deposits			3,802,311				—
Total		$	148,809,539			$	76,593,214
Long-term investments
Sovereign Debt Securities			44,428,490				24,875,697
Corporate Debt Securities			156,832,560				20,844,040
Certificates of deposits			4,003,992				—
Total		$	205,265,042			$	45,719,737

Unrealized (losses) gains of available-for-sale securities, net of tax, were ($378,392), $25,467 and $759,564 for the years ended December 31, 2014, 2013 and 2012, respectively.

As of December 31, 2014 and 2013, the Company has no security considered held-to-maturity.

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The entire disclosure for cost method and equity method investments included basis, impairment losses, recognized or unrecognized gains (losses).

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