(4) Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Schedule Of Fair Value Assets Measured On Recurring Basis

 The following table presents the Company’s assets that are measured at fair value on a recurring basis at September 30, 2012:

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets forIdentical Assets		Significant Other Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	3,824,865	$	3,824,865	$	-	$	-
Total cash equivalents		3,824,865		3,824,865		-		-
Marketable securities:
Corporate debt and government securities		13,201,701		-		13,201,701		-
Auction rate securities		489,999		-		-		489,999
Total marketable securities		13,691,700		-		13,201,701		489,999
Total assets measured at fair value	$	17,516,565	$	3,824,865	$	13,201,701	$	489,999

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 Active Markets for Identical Assets		Significant Oher Inputs		Significant Unobservable 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

The Company’s valuation methodology for auction rate securities includes a discounted cash flow analysis. The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of January 1st through September 30th of each of the respective years:

	Fair Value Measurements Using
	Significant Unobservable Inputs
	(Level 3)
	Auction Rate Securities
	September 30, 2012		September 30, 2011
Beginning Balance	$	611,082	$	578,643
Total unrealized gains in accumulated
other comprehensive loss		78,917		41,191
Securities called by issuer		(200,000)		-
Ending Balance	$	489,999	$	619,834