Note 5. Short-Term Investments Available For Sale

6 Months Ended

Jun. 30, 2012

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 5.   Short-Term Investments Available For Sale

Short-term investments available for sale of $12,287,271 and $10,400,905 as of June 30, 2012 and December 31, 2011, respectively, consist of commercial paper, corporate debt securities and equity securities.  They are valued at fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in Accumulated Other Comprehensive Loss.

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.

Short-term investments available for sale - at fair value	June 30, 2012		December 31, 2011
Bonds - corporate issuances	$	12,287,271	$	10,400,905
Total short-term investments, available for sale	$	12,287,271	$	10,400,905

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

	June 30, 2012				December 31, 2011
	Cost		Fair Value		Cost		Fair Value
Short-term investments
Bonds- corporate issuances	$	12,494,498	$	12,287,271	$	10,565,315	$	10,400,905
Equity securities		108,373		–		108,373		–
Total	$	12,602,871	$	12,287,271	$	10,673,688	$	10,400,905
Bond maturities
Within 3 months	$	3,121,030	$	3,013,150	$	5,128,560	$	5,036,920
Between 3-12 months		9,373,468		9,274,121		5,436,755		5,363,985
Total	$	12,494,498	$	12,287,271	$	10,565,315	$	10,400,905

The following table shows the Company’s investment securities gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2012 and December 31, 2011.  The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other then temporary.

	June 30, 2012
	Less than 12 months					12 months or Longer					Total
Description of Securities	Fair Value		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Losses
Available for Sale
Bonds – corporate issuances	$	12,287,271	$	(207,227	)	$	–	$	–		$	12,287,271	$	(207,227	)
Equity securities		–		–			–		(108,373	)		–		(108,373	)
	$	12,287,271	$	(207,227	)	$	–	$	(108,373	)	$	12,287,271	$	(315,600	)

	December 31, 2011
	Less than 12 months					12 months or Longer				Total
	Fair Value		Gross Unrealized  Holding Losses			Fair Value		Gross Unrealized Holding Losses		Fair Value		Gross Unrealized Holding Losses
Available for Sale
Bonds – corporate issuances	$	10,400,905	$	(168,327	)	$	–	$	–	$	10,400,905	$	(168,327	)
Equity securities		–		(108,373	)		–		–		–		(108,373	)
	$	10,400,905	$	(276,700	)	$	–	$	–	$	10,400,905	$	(276,700	)

Gross realized gains and losses on sales of available for sale securities and investment income, which includes interest and dividends, is summarized as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2012			2011		2012				2011
Interest and dividend income	$	130,692		$	97		$	264,585			$	564
Realized losses		(68,616	)		–			(197,176	)			–
	$	62,076		$	97		$	67,409			$	564