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Investments (Tables)
 6 Months Ended
Jun. 30, 2012
Investments [Abstract]  
Summary of investments by security type

The following table summarizes investments by security type:

 

                                 
    As of June 30, 2012  
    Cost     Gross
Unrealized
Gains		     Gross
Unrealized
Losses		     Fair Market
Value		  

Available-for-sale securities:

                                

Corporate debt securities, short-term

   $ 8,852,595     $ 1,404     $ (2,431 )    $ 8,851,568  

Corporate debt securities, long-term

     401,732       149       —         401,881  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 9,254,327     $ 1,553     $ (2,431 )    $ 9,253,449  
   

 

 

    

 

 

    

 

 

    

 

 

  
Summary of fair value of investments measured on recurring basis

The following table represents the fair value hierarchy for the Company’s investments, measured at fair value on a recurring basis as of June 30, 2012:

 

                                 
    Level 1     Level 2     Level 3     Total  

Corporate debt securities, short-term

   $ —       $ 8,851,568     $ —       $ 8,851,568  

Corporate debt securities, long-term

     —         401,881       —         401,881  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ —       $ 9,253,449     $ —       $ 9,253,449