FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Assets Measured on Recurring Basis

As of December 31, 2012, the Company held certain investments that are required to be measured at fair value on a recurring basis. The following tables present the Company's fair value hierarchy for these financial assets as of December 31, 2012, 2011 and 2010:

December 31, 2012	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	3,383,737	$	3,383,737		-		-
Certificates of Deposit		5,120,000		5,120,000		-		-

December 31, 2011	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	3,196,831	$	3,196,831		-		-
Certificates of Deposit		5,000,000		5,000,000		-		-

December 31, 2010	Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2,470,852	$	2,470,852		-		-
Certificates of Deposit		5,360,970		5,360,970		-		-

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details