Cash and Cash Equivalents, Marketable Securities and Restricted Cash

3 Months Ended

Mar. 31, 2013

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

3. 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 approximately $29.8 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. As of March 31, 2013, the total fair value and cost basis of these marketable securities was approximately $29.2 million. With the exception of the ARS, the maximum maturity for any investment is three years. 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. Additionally, the Company has a total of approximately $1.3 million of cash that serves as collateral for outstanding letters of credit, and which cash is therefore restricted. The letters of credit serve as security deposits for the Company’s office space in New York City.

	March 31, 2013		December 31, 2012
Cash and cash equivalents	$	29,817,517	$	23,845,360
Current and noncurrent marketable securities		29,194,956		35,394,318
Restricted cash		1,301,000		1,301,000
Total cash and cash equivalents, current and noncurrent marketable securities and restricted cash	$	60,313,473	$	60,540,678