SHORT TERM INVESTMENTS AVAILABLE FOR SALE

12 Months Ended

Dec. 31, 2011

SHORT TERM INVESTMENTS AVAILABLE FOR SALE [Abstract]

SHORT TERM INVESTMENTS AVAILABLE FOR SALE

4. SHORT TERM INVESTMENTS AVAILABLE FOR SALE

Short term investments available for sale of $10,400,905 and $395,556 as of December 31, 2011 and 2010, respectively, consist of money market funds, commercial paper, corporate debt securities, and government agency debt securities. They are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders' equity in Accumulated Other Comprehensive Income.

Securities available for sale are evaluated periodically to determine whether a decline in their value is other than temporary.  The term “other than temporary” is not intended to indicate a permanent decline in value.  Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security.  Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, to predict whether the loss in value is other than temporary.  Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized.

	December 31,
Short-term investments available for sale, at fair value	2011		2010
Bonds – corporate issuances	$	10,400,905	$	301,632
Equity securities		–		93,924
Total	$	10,400,905	$	395,556

A summary of the cost, fair value and maturities of the Company's short-term investments is as follows:

	December 31, 2011				December 31, 2010
	Cost		Fair Value		Cost		Fair Value
Short-term investments
Bonds- corporate issuances	$	10,565,315	$	10,400,905	$	301,632	$	301,632
Equity securities		108,373		–		108,373		93,924
Total	$	10,673,688	$	10,400,905	$	410,005	$	395,556
Bond maturities
Within 3 months	$	5,128,560	$	5,036,920	$	301,632	$	301,632
Between 3-12 months		5,436,755		5,363,985		–		–
Between 1-2 years		–		–		–		–
Total	$	10,565,315	$	10,400,905	$	301,632	$	301,632