INVESTMENTS IN AVAILABLE FOR SALE SECURITIES

12 Months Ended

Dec. 31, 2012

INVESTMENTS IN AVAILABLE FOR SALE SECURITIES

INVESTMENTS IN AVAILABLE FOR SALE SECURITIES

3. INVESTMENTS IN AVAILABLE FOR SALE SECURITIES

        As of December 31, 2012, we did not hold any investments in available for sale securities. In 2012, we sold securities with a market value of $14,037,255 with an average cost basis of $14,104,558. We realized gains of $10,436 and losses of $77,739 from sales of available-for-sale securities.

        As of December 31, 2011, we held investments in available for sale securities in several short term bond funds. These funds generally held high credit quality short term debt instruments. These debt instruments were subject to changes in fair market value due to changes in interest rates. The market value of these investments was $11,810,775 as of December 31, 2011. In 2011 we sold securities with a market value of $2,000,000 with an average cost basis of $2,084,590 and we realized losses of $84,590 from rebalancing our portfolio of available-for-sale securities to shorter duration funds.