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Fair value measurements | 9 Months Ended
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Sep. 30, 2014
Fair Value Inputs [Abstract] |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 3. Fair value measurements As of September 30, 2014 and December 31, 2013, the carrying amounts of cash and cash equivalents, certificate of deposit, accounts receivable, accounts payable and other current liabilities, dividends payable and the demand loan payable approximate their fair values due to the nature of these items and their short term maturities. Management considers that the carrying amounts for loans receivable as of September 30, 2014 and December 31, 2013, approximate their fair values as their interest rates approximate market rates for similar instruments. Under US GAAP, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The US GAAP guidance for fair value also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value as of September 30, 2014 and December 31, 2013:
|  | September 30, 2014 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  | $ | 498,929 |  | $ | - |  | $ | - |  | $ | 498,929 |
Certificate of deposit |  |  | - |  |  | 5,000,000 |  |  | - |  |  | 5,000,000 |
Total recurring |  | $ | 498,929 |  | $ | 5,000,000 |  | $ | - |  | $ | 5,498,929 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in OC-BVI |  | $ | - |  | $ | - |  | $ | 5,956,657 |  | $ | 5,956,657 |
|  | December 31, 2013 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | $ | 8,587,475 |  | $ | - |  | $ | - |  | $ | 8,587,475 |
Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in OC-BVI |  | $ | - |  | $ | - |  | $ | 6,623,448 |  | $ | 6,623,448 |
The activity for Level 3 investments for the nine months ended September 30, 2014 was as follows:
Balance as of December 31, 2013 |  | $ | 6,623,448 |
Profit sharing and equity from earnings of OC-BVI |  |  | 302,809 |
Distributions received from OC-BVI |  |  | (969,600) |
Balance as of September 30, 2014 |  | $ | 5,956,657 |

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 Reference 3: 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=36462937&loc=d3e19207-110258 + Details
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