The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2013:


Description	Cost		Level 1		Level 2		Fair Value (Carrying Value)
Cash
Cash	$	7,887,502	$	7,887,502	$	—	$	7,887,502
Cash equivalents
Money market funds		44,959,438		44,959,438		—		44,959,438
Cash and cash equivalents	$	52,846,940	$	52,846,940	$	—	$	52,846,940
Short-term investments (due within 1 year)
U.S. government treasury obligations	$	5,009,194	$	5,013,850	$	—	$	5,013,850
U.S. government agency obligations		33,598,370		33,609,886		—		33,609,886
Corporate obligations		31,789,117		—		31,810,412		31,810,412
Total short-term investments	$	70,396,681	$	38,623,736	$	31,810,412	$	70,434,148
Long-term investments (due after 1 year through 2 years)
U.S. government agency obligations	$	14,807,642	$	14,821,065	$	—	$	14,821,065
Corporate obligations		10,743,707		—		10,750,594		10,750,594
Total long-term investments	$	25,551,349	$	14,821,065	$	10,750,594	$	25,571,659

The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2014:


Description	Cost		Level 1		Level 2		Fair Value (Carrying Value)
Cash
Cash	$	6,068,579	$	6,068,579	$	—	$	6,068,579
Cash equivalents
Money market funds		39,464,864		39,464,864		—		39,464,864
Cash and cash equivalents	$	45,533,443	$	45,533,443	$	—	$	45,533,443
Short-term investments (due within 1 year)
U.S. government agency obligations	$	38,934,684	$	38,928,806	$	—	$	38,928,806
Corporate obligations		40,659,036		—		40,607,405		40,607,405
Total short-term investments	$	79,593,720	$	38,928,806	$	40,607,405	$	79,536,211
Long-term investments (due after 1 year through 2 years)
U.S. government treasury obligations	$	38,626,279	$	38,623,495	$	—	$	38,623,495
U.S. government agency obligations		35,223,450		35,203,355		—		35,203,355
Corporate obligations		7,947,275		—		7,934,327		7,934,327
Total long-term investments	$	81,797,004	$	73,826,850	$	7,934,327	$	81,761,177