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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2014
Fair Value Measurements [Abstract] |
Fair Value Measurements | NOTE 12 – FAIR VALUE MEASUREMENTS The accounting guidance establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 2 – Observable inputs such as quoted prices for similar instruments and quoted prices in markets that are not active, and inputs that are directly observable or can be corroborated by observable market data. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, such as treasury securities with pricing interpolated from recent trades of similar securities, or priced with models using highly observable inputs, such as commodity options priced using observable forward prices and volatilities. Level 3 – Significant inputs to pricing that have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as the complex and subjective models and forecasts used to determine the fair value of financial instruments. Financial assets and liabilities measured at fair value as of March 31, 2014 and December 31, 2013, are summarized below:
|  | March 31, 2014 |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money Market funds | $ | 6,618,007 |  | $ | - |  | $ | - |  | $ | 6,618,007
Certificates of deposit |  |  |  |  | 240,008 |  |  |  |  |  | 240,008
Subtotal |  | 6,618,007 |  |  | 240,008 |  |  | - |  |  | 6,858,015
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | - |  |  | 1,920,119 |  |  | - |  |  | 1,920,119
Corporate Notes/Bonds |  | - |  |  | 3,402,288 |  |  | - |  |  | 3,402,288
Subtotal |  | - |  |  | 5,322,407 |  |  | - |  |  | 5,322,407
Long-term investments: |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | - |  |  | 2,399,533 |  |  | - |  |  | 2,399,533
Corporate Notes/Bonds |  | - |  |  | 7,078,251 |  |  | - |  |  | 7,078,251
Subtotal |  | - |  |  | 9,477,784 |  |  | - |  |  | 9,477,784
Total | $ | 6,618,007 |  | $ | 15,040,199 |  | $ | - |  | $ | 21,658,206
|  | December 31, 2013 |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money Market funds | $ | 5,751,965 |  | $ | - |  | $ | - |  | $ | 5,751,965
Certificates of deposit |  |  |  |  | 239,904 |  |  |  |  |  | 239,904
Subtotal |  | 5,751,965 |  |  | 239,904 |  |  | - |  |  | 5,991,869
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | - |  |  | 2,582,502 |  |  | - |  |  | 2,582,502
Corporate Notes/Bonds |  | - |  |  | 3,159,812 |  |  | - |  |  | 3,159,812
Subtotal |  | - |  |  | 5,742,314 |  |  | - |  |  | 5,742,314
Long-term investments: |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | - |  |  | 1,197,320 |  |  | - |  |  | 1,197,320
Corporate Notes/Bonds |  | - |  |  | 2,723,658 |  |  | - |  |  | 2,723,658
Subtotal |  | - |  |  | 3,920,978 |  |  | - |  |  | 3,920,978
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |
Accrued Consideration |  | - |  |  | - |  |  | (558,801) |  |  | (558,801)
Subtotal |  | - |  |  | - |  |  | (558,801) |  |  | (558,801)
Total | $ | 5,751,965 |  | $ | 9,903,196 |  | $ | (558,801) |  | $ | 15,096,360
The change in the estimated contingent consideration during the three months was due to $565,647 in payments and $6,846 in foreign currency gains. We record transfers between levels of the fair value hierarchy, if necessary, at the end of the reporting period. There were no transfers between levels during the three months ended March 31, 2014.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: 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=25499696&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13504-108611 + Details
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