Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Fair Value Measurement Financial Asset and Liabilities

Financial assets and liabilities subject to fair value measurements were as follows:


	Fair Value Measurements at March 31, 2014
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	172,675,086	$	172,675,086	$	—	$	—
Money market funds		26,046,730		26,046,730		—		—
Restricted cash		404,850		404,850		—		—

Total Assets	$	199,126,666	$	199,126,666	$	—	$	—


	Fair Value Measurements at December 31, 2013
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	90,434,435	$	90,434,435	$	—	$	—
Money market funds		26,046,974		26,046,974		—		—
Restricted cash		404,850		404,850		—		—


Total Assets	$	116,886,259	$	116,886,259	$	—	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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