Quarterly report pursuant to Section 13 or 15(d)

Cash Equivalents And Investments

v2.4.0.8
Cash Equivalents And Investments
 9 Months Ended
Sep. 30, 2014
Cash Equivalents And Investments [Abstract]  
Cash Equivalents And Investments

NOTE 2 – CASH EQUIVALENTS AND INVESTMENTS

 

The following tables show the Company’s cash equivalents and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short and long term investments as of September 30, 2014 and December 31, 2013:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2014

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

Cash Equivalents

 

Short-Term Investments

 

Long-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds

$
6,002,989 

 

$

 -

 

$

 -

 

$
6,002,989 

 

$
6,002,989 

 

$

 

 

$

 

Subtotal

 
6,002,989 

 

 

 -

 

 

 -

 

 
6,002,989 

 

 
6,002,989 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 
6,208,172 

 

 
1,106 

 

 
(16,419)

 

 
6,192,859 

 

 

 -

 

 
1,923,144 

 

 
4,269,715 

Corporate Notes/Bonds

 
9,517,010 

 

 
11,028 

 

 
(24,320)

 

 
9,503,718 

 

 

 -

 

 
2,701,613 

 

 
6,802,105 

Subtotal

 
15,725,182 

 

 
12,134 

 

 
(40,739)

 

 
15,696,577 

 

 

 -

 

 
4,624,757 

 

 
11,071,820 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$
21,728,171 

 

$
12,134 

 

$
(40,739)

 

$
21,699,566 

 

$
6,002,989 

 

$
4,624,757 

 

$
11,071,820 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

Cash Equivalents

 

Short-Term Investments

 

Long-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds

$
5,751,965 

 

$

 -

 

$

 -

 

$
5,751,965 

 

$
5,751,965 

 

$

 

 

$

 

Subtotal

 
5,751,965 

 

 

 -

 

 

 -

 

 
5,751,965 

 

 
5,751,965 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 
4,024,031 

 

 
687 

 

 
(4,992)

 

 
4,019,726 

 

 
239,904 

 

 
2,582,502 

 

 
1,197,320 

Corporate Notes/Bonds

 
5,861,162 

 

 
22,830 

 

 
(522)

 

 
5,883,470 

 

 

 -

 

 
3,159,812 

 

 
2,723,658 

Subtotal

 
9,885,193 

 

 
23,517 

 

 
(5,514)

 

 
9,903,196 

 

 
239,904 

 

 
5,742,314 

 

 
3,920,978 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$
15,637,158 

 

$
23,517 

 

$
(5,514)

 

$
15,655,161 

 

$
5,991,869 

 

$
5,742,314 

 

$
3,920,978 

 

The Company tests for other than temporary losses on a quarterly basis and has considered the unrealized losses indicated above to be temporary in nature. The Company intends to hold the investments until it can recover the full principal amount and has the ability to do so based on other sources of liquidity. The Company expects these recoveries to occur prior to the contractual maturities.  All unrealized losses as of September 30, 2014 were in a continuous unrealized loss position for less than twelve months and are not deemed to be other than temporarily impaired as of September 30, 2014.

The following table summarizes the estimated fair value of our investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of September 30, 2014:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

Estimated Market Value

 

 

 

 

 

Due within one year

 

$  
4,617,044 

 

$
4,624,757 

Due after one year through five years

 

 
11,108,138 

 

 
11,071,820 

 

 

$ 

15,725,182 

 

$
15,696,577 

 

The Company did not recognize any gross realized gains, and gross realized losses were immaterial, during the nine-month periods ending September 30, 2014 and 2013, respectively. If the Company had realized gains or losses, they would be included within investment and other income in the accompanying consolidated results of operations.