Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value as of June 30, 2014 and December 31, 2013:

	June 30, 2014
	Level 1		Level 2		Level 3		Total

Assets:
Recurring
Restricted cash	$	515,849	$	-	$	-	$	515,849
Certificate of deposit		-		5,000,000		-		5,000,000
Total recurring	$	515,849	$	5,000,000	$	-	$	5,515,849
Nonrecurring
Investment in OC-BVI	$	-	$	-	$	6,087,202	$	6,087,202

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Recurring
Marketable securities	$	8,587,475	$	-	$	-	$	8,587,475
Nonrecurring
Investment in OC-BVI	$	-	$	-	$	6,623,448	$	6,623,448

Fair Value Measurements, Nonrecurring [Table Text Block]

The activity for Level 3 investments for the six months ended June 30, 2014 was as follows:

Balance as of December 31, 2013	$	6,623,448
Profit sharing and equity from earnings of OC-BVI		190,954
Distribution of earnings from OC-BVI		(727,200)
Balance as of June 30, 2014	$	6,087,202

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details