CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH

6 Months Ended

Jun. 30, 2011

Cash, Cash Equivalents, and Marketable Securities [Text Block]

2. CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH

          The Company’s cash and cash equivalents primarily consist of money market funds and checking accounts totaling $31.1 million. Marketable securities consist of cash reserves in liquid short-term U.S. Treasuries, government agencies, certificates of deposit (insured up to FDIC limits), investment grade corporate and municipal bonds, and corporate floating rate notes, with a total fair value of approximately $44.6 million and a total book value of approximately $44.5 million. The maximum maturity for any investment is three years. The Company also holds two municipal auction rate securities (“ARS”) issued by the District of Columbia with a par value of $1.9 million. The ARS pay interest in accordance with their terms at each respective auction date, typically every 35 days, and mature in the year 2038. The Company accounts for its marketable securities in accordance with the provisions of ASC 320-10. The Company classifies these securities as available for sale and the securities are reported at fair value. Unrealized gains and losses are recorded as a component of accumulated other comprehensive income and excluded from net loss. See Note 11 (Comprehensive Loss). Additionally, we have a total of $1.7 million of cash invested in certificates of deposit that serve as collateral for outstanding letters of credit, and which cash is therefore restricted. The letters of credit serve as security deposits for our office space in New York City.

	June 30, 2011		December 31, 2010
Cash and cash equivalents	$	31,101,781	$	20,089,660
Current and noncurrent marketable securities		44,603,176		56,805,373
Restricted cash		1,660,370		1,660,370
Total cash and cash equivalents, current and noncurrent marketable securities and restricted cash	$	77,365,327	$	78,555,403