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FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 29, 2012
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
Financial instruments are categorized as Level 1, Level 2 or Level 3 based upon the method by which their fair value is computed. An investment is categorized as Level 1 when its fair value is based on unadjusted quoted prices in active markets for identical assets that the Company has the ability to access at the measurement date. An investment is categorized as Level 2 if its fair market value is based on quoted market prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, based on observable inputs such as interest rates, yield curves, or derived from or corroborated by observable market data by correlation or other means. An investment is categorized as Level 3 if its fair value is based on assumptions developed by the Company about what a market participant would use in pricing the assets.
The following table details the fair value measurements of the Company’s financial assets:
 
 
 
Fair Value Measurement at September 29, 2012 Using:
 
 
 
Level 1
 
Level 2
 
Level 3
Money Markets, Cash and Equivalents
$
25,263,239

 
$
25,263,239

 
$
—

 
$
—

U.S. Government Securities
38,685,007

 
17,589,512

 
21,095,495

 
—

Corporate Debt
11,955,688

 
—

 
11,955,688

 
—

Certificates of Deposit
18,633,301

 
—

 
18,633,301

 
—

WIN Semiconductor Corp.
1,568,673

 
1,568,673

 
—

 
—

Advanced Wireless Semiconductor Company
2,177,955

 
2,177,955

 
—

 
—

 
$
98,283,863

 
$
46,599,379

 
$
51,684,484

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurement at December 31, 2011 Using:
 
 
 
Level 1
 
Level 2
 
Level 3
Money Markets, Cash and Equivalents
$
43,095,163

 
$
43,095,163

 
$
—

 
$
—

U.S. Government Securities
32,145,653

 
12,892,670

 
19,252,983

 
—

Corporate Debt
18,754,992

 
—

 
18,754,992

 
—

Certificates of Deposit
11,422,742

 
—

 
11,422,742

 
—

WIN Semiconductor Corp.
1,709,189

 
1,709,189

 
—

 
—

Advanced Wireless Semiconductor Company
1,602,096

 
1,602,096

 
—

 
—

 
$
108,729,835

 
$
59,299,118

 
$
49,430,717

 
$
—


The corporate debt consists of floating rate notes with a maturity that is over multiple years but has interest rates which are reset every three months based on the then current three month London Interbank Offering Rate (three month Libor). The Company determines the fair market values of these corporate debt instruments through the use of a model which incorporates the three month Libor, the credit default swap rate of the issuer and the bid and ask price spread of same or similar investments which are traded on several markets.
The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of their short-term nature. The carrying amount of accrued liabilities is classified as Level 3 in the fair value hierarchy.