Cash, Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2011

Cash, Cash Equivalents and Investments [Abstract]

Cash, Cash Equivalents and Investments

2. Cash, Cash Equivalents and Investments

Cash and cash equivalents include funds on hand and short-term investments with original maturities of three months or less. Short-term investments include securities generally having maturities of 90 days to one year. The Company’s short-term investments are invested in corporate bonds, which, based on management’s intent and ability, are classified as held to maturity investments and are recorded at amortized cost.

The following is a summary of cash, cash equivalents and held-to-maturity investments by type at December 31, 2011:

		September 30,		September 30,		September 30,			September 30,		September 30,		September 30,		September 30,		September 30,
			December 31, 2011									December 31, 2010
			Gross		Gross							Gross		Gross
			Unrealized		Unrealized			Fair				Unrealized		Unrealized		Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses		Value
Cash and money market funds	$	21,300,733	$	—	$	—		$	21,300,733	$	42,684,241	$	—	$	—	$	42,684,241
Corporate bonds		5,008,189		—		(3,238	)		5,004,951		—		—		—		—
Certificate of deposit		100,000		—		(69	)		99,931		—		—		—		—
Total cash, cash equivalents and investments	$	26,408,922	$	—	$	(3,307	)	$	26,405,615	$	42,684,241	$	—	$	—	$	42,684,241

Fair value in the above table was determined using level 1 inputs. The corporate bond investments above have contractual maturities of less than one year. At December 31, 2011, held-to-maturity short-term investments have gross unrealized losses of $3,307, which have been in a continuous unrealized loss position for less than 12 months. The unrealized losses on the Company’s investments in corporate bonds are due to interest rate fluctuations. As these investments were originally purchased at a premium, are short-term in nature, are expected to be redeemed at par value and because the Company has the ability and intent to hold these investments to maturity, the Company does not consider these investments to be other than temporarily impaired at December 31, 2011.

The classification of cash, cash equivalents and investments in the accompanying balance sheets is as follows at December 31:

		September 30,		September 30,
	2011		2010
Cash	$	6,061,523	$	12,282,389
Cash equivalents		15,239,210		30,401,852
Total cash and cash equivalents		21,300,733		42,684,241
Short-term investments		5,108,189		—
Total cash, cash equivalents and investments	$	26,408,922	$	42,684,241