Fair Value Measurement of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value Measurement of Assets and Liabilities [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2011 and December 31, 2010:

			Quoted Prices in				Quoted Prices in
	Balances as of		active markets for		Balances as of		active markets for
	September 30,		identical Assets		December 31,		identical Assets
Description	2011		(Level 1)		2010		(Level 1)
Assets
Cash and Cash Equivalents:
Money Market Funds	$	14,533,599	$	14,533,599	$	14,578,477	$	14,578,477
Investments:
Asset backed securities		17,762,521		17,762,521		14,319,103		14,319,103
Sovereign Debt Securities		10,635,822		10,635,822		13,147,239		13,147,239
Corporate Debt Securities		14,720,669		14,720,669		11,381,761		11,381,761
Total financial Assets	$	57,652,611	$	57,652,611	$	53,426,580	$	53,426,580

Fair value of short and long-term investments classified as available for sale securities

	September 30, 2011
			Gross		Gross
	Gross Amortized		Unrealized		Unrealized			Estimated Fair
	Cost		Gains		Losses (1)			Value
Short-term investments
Sovereign Debt Securities	$	1,733,173	$	3,035	$	—		$	1,736,208
Corporate Debt Securities		384,983		—		(4,940	)		380,043
Total Short-term investments	$	2,118,156	$	3,035	$	(4,940	)	$	2,116,251
Long-term investments
Sovereign Debt Securities	$	8,269,512	$	630,102	$	—		$	8,899,614
Corporate Debt Securities		14,312,659		172,068		(144,099	)		14,340,628
Asset Backed Securities (2)		17,022,343		754,516		(14,339	)		17,762,520
Total Long-term investments	$	39,604,514	$	1,556,686	$	(158,438	)	$	41,002,762
Total	$	41,722,670	$	1,559,721	$	(163,378	)	$	43,119,013

	December 31, 2010
			Gross
	Gross Amortized		Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gains		Losses (1)			Value
Short-term investments
Corporate Debt Securities	$	398,752	$	26	$	(773	)	$	398,005
Total short-term investments	$	398,752	$	26	$	(773	)	$	398,005
Long-term investments
Sovereign Debt Securities	$	13,282,207	$	98,958	$	(233,926	)	$	13,147,239
Corporate Debt Securities		10,987,910		110,521		(114,675	)		10,983,756
Asset Backed Securities		14,107,501		439,239		(227,637	)		14,319,103
Total long-term investments	$	38,377,618	$	648,718	$	(576,238	)	$	38,450,098
Total	$	38,776,370	$	648,744	$	(577,011	)	$	38,848,103

(1)	Unrealized losses from securities are primarily attributable to market price movements. Management does not believe any remaining unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence including the credit rating of the investments, as of September 30, 2011 and December 31, 2010.
(2)	Asset backed securities have investment grade credit ratings. These investments are collateralized by real estate and they are guaranteed by the U.S. Federal Government.

Estimated fair value of short-term and long-term investments

One year or less	$	2,116,252
One year to two years		5,452,507
Two years to three years		3,228,204
Three years to four years		3,812,512
Four years to five years		1,781,791
More than five years		26,727,747
Total	$	43,119,013