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Fair Value Measurements
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements [Abstract]  
Fair Value Measurements
Note 12 – FAIR VALUE MEASUREMENTS

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1. Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2. Inputs to the valuation methodology include the following:
Quoted prices for similar assets or liabilities in active markets;
Quoted prices for identical or similar assets or liabilities in inactive markets;
Inputs other than quoted prices that are observable for the asset or liability;
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3. Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of December 31, 2013 and 2012.

The majority of the Company's short-term investments are classified within Level 1 or Level 2 of the fair value hierarchy. The Company's valuation of its Level 1 investments, which include mutual funds, is based on quoted market prices in active markets for identical securities. The Company's valuation of its Level 2 investments, which include certificates of deposits, is based on other observable inputs, specifically a valuation model which utilized vendor pricing for similar securities.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 
The following table sets forth by level, within the fair value hierarchy, the Company's financial assets at fair value for the years ended December 31, 2013 and December 31, 2012, respectively. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

   
Assets and Liabilities at Fair Value as of December 31, 2013
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                                 
Cash
  
$
3,306,608
    
$
0
    
$
0
    
$
3,306,608
  
Certificate of Deposits
    
0
      
15,378
      
0
      
15,378
  
Mutual Funds
    
56,841
      
0
      
0
      
56,841
  
Stocks
    
1,072,201
      
0
      
0
      
1,072,201
  
Preferred Securities
    
0
      
462,096
      
0
      
462,096
  
Corporate Bonds
    
0
      
925,242
      
0
      
925,242
  
Notes Payable
    
0
      
9,874,014
      
0
      
9,874,014
  
 

 
       
   
Assets and Liabilities as Fair Value as of December 31, 2012
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                                 
Cash
  
$
2,286,226
    
$
0
    
$
0
    
$
2,286,226
  
Certificate of Deposits
    
0
      
439,982
      
0
      
439,982
  
Stocks
    
725,670
      
0
      
0
      
725,670
  
Corporate Bonds
    
0
      
1,144,229
      
0
      
1,144,229
  
Notes Payable
    
0
      
5,498,926
      
0
      
5,498,926
  

The Company's financial assets and liabilities also include accounts receivable, other receivables and, accounts payable for which carrying value approximates fair value. All such assets are valued using level 2 inputs.