Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2015

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, 2015 and December 31, 2014:

	June 30, 2015
	Level 1		Level 2		Level 3		Total
Assets:
Recurring
Restricted cash	$	473,283	$	-	$	-	$	473,283
Certificate of deposit		-		5,637,538		-		5,637,538
Total recurring	$	473,283	$	5,637,538	$	-	$	6,110,821

Nonrecurring
Investment in OC-BVI	$	-	$	-	$	4,810,026	$	4,810,026

	December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Recurring
Restricted cash	$	456,083	$	-	$	-	$	456,083
Certificate of deposit		-		5,000,000		-		5,000,000
Total recurring	$	456,083	$	5,000,000	$	-	$	5,456,083

Nonrecurring
Investment in OC-BVI	$	-	$	-	$	5,208,603	$	5,208,603

Fair Value Measurements, Nonrecurring [Table Text Block]

The activity for Level 3 investments for the six months ended June 30, 2015 was as follows:

Balance as of December 31, 2014	$	5,208,603
Profit sharing and equity from earnings of OC-BVI		186,423
Distributions received from OC-BVI		-
Impairment of investment in OC-BVI (See Note 6)		(585,000)
Balance as of June 30, 2015	$	4,810,026