Total Fair

Value on the

Balance

Sheet

Quoted Prices

In Active

Markets For

Identical

Assets

/Liabilities

(Level 1)

Significant

Other

Observable

Inputs

(Level 2)

Significant

Unobservable

Inputs

(Level 3)

Assets:

As of March 31, 2014

Short-term investments available for sale Bonds – corporate issuances

$

47,255,487

$

47,255,487

$

─

$

─

As of December 31, 2013

Short-term investments available for sale Bonds – corporate issuances

$

37,156,381

$

37,156,381

$

─

$

─

Liabilities:

As of March 31, 2014

Common stock warrant liability

$

─

$

─

$

─

$

─

As of December 31, 2013

Common stock warrant liability

$

3,026

$

─

$

─

$

3,026