MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2014

MARKETABLE SECURITIES [Abstract]

MARKETABLE SECURITIES

NOTE 5 - MARKETABLE SECURITIES

The Company accounts for its marketable securities in accordance with ASC 320. Accordingly, the Company classifies its marketable securities at acquisition as either: (i) held-to-maturity, (ii) trading or (iii) available-for-sale. The Company’s investment in U.S. Government intermediate bond funds are classified as trading securities, which are carried at fair value, as determined by quoted market price, which is Level 1 input, as established by the fair value hierarchy under ASC 320. The related unrealized gains/(losses) are included in the caption “Other income” on the accompanying Statements of Income. The Company’s marketable securities at December 31, 2014 and 2013 are summarized as follows:

	Adjusted Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
2014:
U.S. Treasury Note, due 11/15/2015	$	1,210,503	$	--	$	(95,047	)	$	1,115,456
Marketable equity security		268,014		--		(20,031	)		247,983
	$	1,478,517	$	--	$	(115,078	)	$	1,363,439
2013:
U.S. Treasury Note, due 11/15/2015	$	1,210,503	$	--	$	(51,540	)	$	1,158,963
Marketable equity security		264,504		--		(25,445	)		239,059
	$	1,475,007	$	--	$	(76,985	)	$	1,398,022