Cash and Cash Equivalents, Marketable Securities and Restricted Cash

3 Months Ended

Mar. 31, 2014

Disclosure Text Block Supplement [Abstract]

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

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

The Company’s cash, cash equivalents and restricted cash primarily consist of money market funds and checking accounts. Marketable securities consist of investment grade corporate bonds and 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, 2014, the total fair value of these marketable securities was approximately $9.7 million and the total cost basis was approximately $10.0 million. As of December 31, 2013, the total fair value of these marketable securities was approximately $13.1 million and the total cost basis was approximately $13.3 million. The decrease in marketable securities was due to non-reinvesting of proceeds as securities matured. With the exception of the ARS, the maximum maturity for any investment is three years. The ARS 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 loss 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, 2014		December 31, 2013
Cash and cash equivalents	$	49,958,339	$	45,443,759
Current and noncurrent marketable securities		9,684,460		13,097,735
Restricted cash		1,301,000		1,301,000
Total cash and cash equivalents, current and noncurrent marketable securities and restricted cash	$	60,943,799	$	59,842,494