(4) Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Schedule Of Fair Value Assets Measured On Recurring Basis

			Fair Value Measurements at Reporting Date Using
				Quoted Prices in				Significant
				Active Markets for		Significant other		Unobservable
				Identical Assets		Inputs		Inputs
		Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	6,452,560	$	6,452,560	$	—	$	—
Total cash equivalents		6,452,560		6,452,560		—		—
Marketable securities:
Corporate debt and government securities		16,622,687		—		16,622,687		—
Auction rate securities		464,999		—		—		464,999
Total marketable securities		17,087,686		—		16,622,687		464,999
Total assets measured at fair value	$	23,540,246	$	6,452,560	$	16,622,687	$	464,999

The following table presents the Company’s assets that are measured at fair value on a recurring basis at December 31, 2011:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets for		Significant other		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	8,129,960	$	8,129,960	$	-	$	-
Total cash equivalents		8,129,960		8,129,960		-		-
Marketable securities:
Corporate debt and government securities		20,894,328		-		20,894,328		-
Auction rate securities		611,082		-		-		611,082
Total marketable securities		21,505,410		-		20,894,328		611,082
Total assets measured at fair value	$	29,635,370	$	8,129,960	$	20,894,328	$	611,082

Fair Value Measurements Using Significant Unobservable Inputs

	Fair Value Measurements Using
	Significant Unobservable Inputs
	(Level 3)
	Auction Rate Securities
	June 30, 2012	June 30, 2011
Beginning Balance	$                  611,082	$                  578,643
Total unrealized gains in accumulated
other comprehensive loss	53,917	41,491
Securities called by issuer	(200,000)	-
Ending Balance	$                  464,999	$                  620,134