Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Fair Value Assets Measured On Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013:



			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds and commercial paper	$	8,486,633	$	8,486,633	$	—	$	—
Total cash equivalents	8,486,633		8,486,633		—		—
Marketable securities:
Corporate debt and government securities	8,073,108		—		8,073,108		—
Total marketable securities	8,073,108		—		8,073,108		—
Derivative liabilities:
Derivative Instruments	159,134		—		—		159,134
Total derivative liabilities	159,134		—		—		159,134

Total assets and liabilities measured at fair value	$	16,718,875	$	8,486,633	$	8,073,108	$	159,134

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
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant other Inputs (Level 2)		Significant Unobservable Inputs (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	$	—

Fair Value Measurements Using Significant Unobservable Inputs

The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of each of the years ended December 31, 2013 and 2012:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	December 31, 2013			December 31, 2012
Beginning Balance	$	—		$	611,082
Total unrealized gains in accumulated other comprehensive loss	—			88,918
Securities called by issuer	—			(700,000		)
Issuance of Derivative Instruments	170,337			—
Total gains recognized in earnings	(11,203		)	—
Ending Balance	$	159,134		$	—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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