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INVESTMENTS AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt Securities and Mutual Funds [Text Block]
NOTE 4 - INVESTMENTS AND FAIR VALUE MEASUREMENTS
 
The Company’s investments include debt securities, U.S. Treasury Notes, government and state agency bonds, mutual funds, corporate bonds and commercial paper, which are classified as either available for sale, held to maturity or trading, depending on management’s investment intentions relating to these securities. As of December 31, 2012 and 2013, all of the Company’s investments are classified as available of sale. Available for sale securities are measured at fair value based on quoted market values of the securities, with the unrealized gain and (losses) reported as comprehensive income or (loss). For the years ended December 31, 2011, 2012 and 2013, the Company reported unrealized gain (loss) of $7,000, $78,000 and $(55,000), respectively, on available for sale securities in total comprehensive loss. Realized gains and losses from the sale of available for sale securities are determined on a specific-identification basis. The Company has classified as short-term those securities that mature within one year and mutual funds. All other securities are classified as long-term.
 
The following table summarizes the estimated fair value of investment securities designated as available for sale, excluding investment in mutual funds of $1,382,000, classified by the contractual maturity date of the security as of December 31, 2013:
 
 
 
Fair Value
 
 
 
 
 
 
Due within one year
 
$
2,708,000
 
Due one year through three years
 
 
2,824,000
 
Due after three years
 
 
276,000
 
 
 
 
 
 
 
 
$
5,808,000
 
 
The cost, gross unrealized gains (losses) and fair value of available for sale, held-to-maturity and trading by major security type at December 31, 2012 and 2013 were as follows:
 
 
 
 
 
 
Unrealized
 
Unrealized
 
Fair
 
December 31, 2013
 
Cost
 
Gain
 
Loss
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - short term
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency bonds
 
$
419,000
 
$
-
 
$
-
 
$
419,000
 
Mutual funds
 
 
1,386,000
 
 
-
 
 
(4,000)
 
 
1,382,000
 
Corporate bonds and commercial paper
 
 
590,000
 
 
1,000
 
 
(1,000)
 
 
590,000
 
U.S. Treasury Notes
 
 
1,697,000
 
 
2,000
 
 
-
 
 
1,699,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total available for sale - short term
 
 
4,092,000
 
 
3,000
 
 
(5,000)
 
 
4,090,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - long term
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury Notes
 
 
930,000
 
 
-
 
 
(4,000)
 
 
926,000
 
Government agency bonds
 
 
612,000
 
 
-
 
 
(7,000)
 
 
605,000
 
Corporate bonds and commercial paper
 
 
1,565,000
 
 
5,000
 
 
(1,000)
 
 
1,569,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total available for sale - long term
 
 
3,107,000
 
 
5,000
 
 
(12,000)
 
 
3,100,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments
 
$
7,199,000
 
$
8,000
 
$
(17,000)
 
$
7,190,000
 
 
 
 
 
 
 
 
Unrealized
 
 
Unrealized
 
 
Fair
 
December 31, 2012
 
 
Cost
 
 
Gain
 
 
Loss
 
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - short term
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
Government agency bonds
 
$
855,000
 
$
1,000
 
$
-
 
$
856,000
 
Mutual funds
 
 
649,000
 
 
20,000
 
 
-
 
 
669,000
 
Corporate bonds and commercial paper
 
 
1,608,000
 
 
1,000
 
 
(24,000)
 
 
1,585,000
 
U.S. Treasury Notes
 
 
1,679,000
 
 
5,000
 
 
-
 
 
1,684,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total available for sale - short term
 
 
4,791,000
 
 
27,000
 
 
(24,000)
 
 
4,794,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - long term
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury Notes
 
 
4,004,000
 
 
10,000
 
 
-
 
 
4,014,000
 
Government agency bonds
 
 
1,336,000
 
 
5,000
 
 
-
 
 
1,341,000
 
Corporate bonds and commercial paper
 
 
3,654,000
 
 
55,000
 
 
-
 
 
3,709,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total available for sale - long term
 
 
8,994,000
 
 
70,000
 
 
-
 
 
9,064,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments
 
$
13,785,000
 
$
97,000
 
$
(24,000)
 
$
13,858,000
 
 
The Company utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those levels:
 
§
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
 
§
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
 
§
Level 3: Unobservable inputs that reflect the reporting entity’s estimates of market participant assumptions.
 
At December 31, 2013 and 2012, the Company’s investments described above are classified as Level 1 for fair value measurement.