Investments In Available For Sale Securities

12 Months Ended

Dec. 31, 2011

Investments In Available For Sale Securities [Abstract]

Investments In Available For Sale Securities

3. INVESTMENTS IN AVAILABLE FOR SALE SECURITIES

We hold investments in available for sale securities in four short term bond funds. These funds generally hold high credit quality short term debt instruments. These debt instruments are subject to changes in fair market value due to changes in interest rates. The market value of these investments was $11,810,775 and $11,938,098 as of December 31, 2011 and 2010, respectively. Each of the bond funds is in an unrealized loss position and has been for more than 12 months. Total unrealized losses are $152,079 and $213,623 at December 31, 2011 and 2010, respectively. There are no unrealized gains. The Company evaluated the near term interest rate environment, the expected holding period of the investments along with the duration of the fund portfolios in assessing the severity and duration of the potential impairment. Based on that evaluation the Company does not consider those investments to be other-than-temporarily impaired at 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. There were no sales proceeds or realized gains and losses on securities classified as available-for-sale during 2010 or 2009.