Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

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 March 31, 2016 and December 31, 2015:

	March 31, 2016
	Level 1		Level 2		Level 3		Total
Assets
Recurring
Certificate of deposit	$	-	$	5,637,538	$	-	$	5,637,538
Nonrecurring
Investment in OC-BVI	$	-	$	-	$	4,578,060	$	4,578,060
Liabilities
Recurring
Net liability arising from put/call options	$	-	$	-	$	383,000	$	383,000

	December 31, 2015
	Level 1		Level 2		Level 3		Total
Assets
Recurring
Restricted cash	$	428,203	$	-	$	-	$	428,203
Certificate of deposit		-		5,637,538		-		5,637,538
Total recurring	$	428,203	$	5,637,538	$	-	$	6,065,741
Nonrecurring
Investment in OC-BVI	$	-	$	-	$	4,548,271	$	4,548,271

Fair Value Measurements, Nonrecurring [Table Text Block]

The activity for Level 3 financial instruments for the three months ended March 31, 2016 was as follows:

Investment in OC-BVI
Balance as of December 31, 2015	$	4,548,271
Profit sharing and equity from earnings of OC-BVI		79,789
Distributions received from OC-BVI		-
Impairment of investment in OC-BVI (See Note 7)		(50,000)
Balance as of March 31, 2016	$	4,578,060
Net liability arising from put/call options(1)
Balance as of December 31, 2015	$	-
Net liability arising from put/call options		383,000
Balance as of March 31, 2016	$	383,000

(1) The net liability arising from put/call options is included in the accompanying condensed consolidated balance sheets within other liabilities as of March 31, 2016.