Note 5 - Investment Securities - Available For Sale

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

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 $39,047,820 and $37,156,381 as of September 30, 2014 and December 31, 2013, 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:

	September 30, 2014				December 31, 2013
	Cost		Fair Value		Cost		Fair Value
Corporate bond maturities
Within 3 months	$	14,755,066	$	14,754,389	$	7,799,032	$	7,797,689
Between 3-12 months		24,318,826		24,293,431		29,401,543		29,358,692
Total	$	39,073,892	$	39,047,820	$	37,200,576	$	37,156,381

The following table shows the Company’s investment securities with unrealized holding gains and losses and their fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013.  The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary.

	September 30, 2014					December 31, 2013
Description of Securities	Fair Value		Unrealized Holding Gains (Losses)			Fair Value		Unrealized Holding Gains (Losses)
Available for Sale (all unrealized holding gains and losses are less than 12 months at date of measurement)
Bonds – corporate issuances with unrealized gains	$	6,015,770	$	487		$	6,650,095	$	1,907
Bonds – corporate issuances with unrealized losses		33,032,050		(26,559	)		30,506,286		(46,073	)
Total	$	39,047,820	$	(26,072	)	$	37,156,381	$	(44,166	)

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 September 30,
Description of Securities	2014		2013
Interest and dividend income	$	26,297	$	253,250
Realized gains (losses)		218		(108,718	)
Investment income, net	$	26,515	$	144,532

	Nine Months Ended September 30,
Description of Securities	2014			2013
Interest and dividend income	$	80,741		$	527,628
Realized losses		(23,473	)		(299,401	)
Investment income, net	$	57,268		$	228,227

The following table presents the change, by component, in accumulated other comprehensive loss for the first nine months of 2014.

	Accumulated Other Comprehensive Loss
Balance at January 1, 2014	$	(44,166	)
Unrealized losses on investment securities		(5,379	)
Realized loss reclassified from other accumulated comprehensive loss		23,473
Net other comprehensive loss, net		18,094
Balance at September 30, 2014	$	(26,072	)