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Cash, Cash Equivalents and Marketable Securities (Tables)
 6 Months Ended
Jun. 30, 2012
Investments in Debt Securities

Investments in debt securities consisted of the following at June 30, 2012:

 

     June 30, 2012  
     Amortized
Cost		      Gross
Unrealized
Gain		      Gross
Unrealized
Loss		     Fair Value  

Marketable securities:

           

U.S. Government and agency securities

    $ 4,346,108       $ 1,138       $ (766 )    $ 4,346,480   

Corporate and other debt securities

      8,142,503         13,178         (367 )      8,155,314   
  

 

 

     

 

 

     

 

 

    

 

 

  
     12,488,611         14,316         (1,133 )      12,501,794   

Long-term marketable securities:

           

U.S. Government and agency securities

      8,502,140         1,080         (5,270 )      8,497,950   

Corporate and other debt securities

      2,354,089         —           (1,364 )      2,352,725   
  

 

 

     

 

 

     

 

 

    

 

 

  
     10,856,229         1,080         (6,634 )      10,850,675   
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 23,344,840       $ 15,396       $ (7,767 )    $ 23,352,469   
  

 

 

     

 

 

     

 

 

    

 

 

  

At June 30, 2012, the Company’s investments included twelve debt securities in unrealized loss positions with a total unrealized loss of approximately $8,000 and a total fair market value of approximately $10,786,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. There were no realized gains or losses on the investments for the six months ended June 30, 2012 or the nine-month period ended December 31, 2011.

Investments in debt securities consisted of the following at December 31, 2011:

 

     December 31, 2011  
     Amortized
Cost		      Gross
Unrealized
Gain		      Gross
Unrealized
Loss		     Fair Value  

Marketable securities:

           

U.S. Government and agency securities

    $ 8,373,355       $ 3,126       $ (233 )    $ 8,376,248   

Corporate and other debt securities

      7,046,222         3,336         (4,370 )      7,045,188   
  

 

 

     

 

 

     

 

 

    

 

 

  
     15,419,577         6,462         (4,603 )      15,421,436   

Long-term marketable securities:

           

U.S. Government and agency securities

      8,399,428         2,223         (91 )      8,401,560   

Corporate and other debt securities

      1,031,443         2,347         —          1,033,790   
  

 

 

     

 

 

     

 

 

    

 

 

  
     9,430,871         4,570         (91 )      9,435,350   
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 24,850,448       $ 11,032       $ (4,694 )    $ 24,856,786   
  

 

 

     

 

 

     

 

 

    

 

 

  
Contractual Maturities of Debt Securities

The contractual maturities of debt securities at June 30, 2012 were as follows:

 

     Amortized
Cost		      Fair Value  

Due in 1 year or less

    $ 12,488,611       $ 12,501,794   

Due in 1 to 2 years

      10,856,229         10,850,675   
  

 

 

     

 

 

  
   $ 23,344,840       $ 23,352,469