Note 5 - Investment Securities - Available For Sale

3 Months Ended

Mar. 31, 2013

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

Note 5.   Investment Securities - Available For Sale

Investment securities available for sale of $25,202,875 and $8,037,620 as March 31, 2013 and December 31, 2012, respectively, consist of commercial paper and corporate debt 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.

Investment 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.

A summary of the cost, fair value and bond maturities of the Company’s investment securities is as follows:

	March 31, 2013				December 31, 2012
	Cost		Fair Value		Cost		Fair Value
Corporate bond maturities
Within 3 months	$	3,108,805	$	3,003,280	$	3,053,740	$	3,002,350
Between 3-12 months		22,252,626		22,199,595		5,110,487		5,035,270
Total	$	25,361,431	$	25,202,875	$	8,164,227	$	8,037,620

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 March 31, 2013 and December 31, 2012.  The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other then temporary.

	March 31, 2013					December 31, 2012
Description of Securities	Fair Value		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Gains
Available for Sale
Bonds – corporate issuances (all unrealized holding losses are less than 12 months at date of measurement)	$	25,202,875	$	(158,556	)	$	8,037,620	$	(126,607	)

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

	Three Months Ended March 31,
	2013			2012
Interest and dividend income	$	70,303		$	133,893
Realized losses		(53,740	)		(128,560	)
	$	16,563		$	5,333