(4) Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

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, 2013:

		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	$          12,610,504	$          12,610,504	$                           -	$                           -
Total cash equivalents	12,610,504	12,610,504	-	-
Marketable securities:
Corporate debt and government securities	5,764,839	-	5,764,839	-
Total marketable securities	5,764,839	-	5,764,839	-
Derivative liabilities:
Derivative Instruments	170,337	-	-	170,337
Total derivative liabilities	170,337	-	-	170,337
Total assets measured at fair value	$          18,545,680	$          12,610,504	$            5,764,839	$               170,337

The following table presents the Company’s assets that are measured at fair value on a recurring basis at December 31, 2012:

		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	$            4,285,309	$            4,285,309	$                           -	$                           -
Total cash equivalents	4,285,309	4,285,309	-	-
Marketable securities:
Corporate debt and government securities	10,530,942	-	10,530,942	-
Total marketable securities	10,530,942	-	10,530,942	-
Total assets measured at fair value	$          14,816,251	$            4,285,309	$          10,530,942	$                           -