CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH

6 Months Ended

Jun. 30, 2012

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 $20.5 million. Marketable securities consist of liquid short-term U.S. Treasuries, government agencies, certificates of deposit (insured up to FDIC limits), investment grade corporate and municipal bonds, corporate floating rate notes, and two municipal auction rate securities (“ARS”) issued by the District of Columbia with a par value of approximately $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. As of June 30, 2012, the total fair value of these marketable securities was approximately $46.8 million and the total cost basis of was approximately $47.1 million. The maximum maturity for any investment is three years. 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. Additionally, the Company has a total of approximately $1.7 million of cash that serves as collateral for an outstanding letter of credit, and which cash is therefore restricted. The letter of credit serves as a security deposit for the Company’s office space in New York City. As the lease agreement allows for a reduction in the amount of the security deposit as of November 2012, a portion of the restricted cash has been classified as a current asset.

	June 30, 2012		December 31, 2011
Cash and cash equivalents	$	20,535,644	$	44,865,191
Current and noncurrent marketable securities		46,826,522		28,789,603
Current and noncurrent restricted cash		1,660,370		1,660,370
Total cash and cash equivalents, current and noncurrent marketable securities and current and noncurrent restricted cash	$	69,022,536	$	75,315,164