Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents And Investments

v2.4.0.6
Cash, Cash Equivalents And Investments
 9 Months Ended
Sep. 30, 2012
Cash, Cash Equivalents And Investments [Abstract]  
Cash, Cash Equivalents And Investments

NOTE 2 – CASH, CASH EQUIVALENTS AND INVESTMENTS

The following tables show the Company's cash, cash equivalents and available-for-sale securities' adjusted 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, 2012 and December 31, 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2012

 

 

 

 

 

 

 

Amortized Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair Value

 

Cash & Cash
Equivalents

 

Short-Term
Investments

 

Long-Term
Investments

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

12,832,100

 

$

—

 

$

—

 

$

12,832,100

 

$

12,832,100

 

$

—

 

$

—

 

Money Market funds

 

 

1,932,299

 

 

 

 

 

 

 

 

1,932,299

 

 

1,932,299

 

 

 

 

 

 

 

Subtotal

 

 

14,764,399

 

 

—

 

 

—

 

 

14,764,399

 

 

14,764,399

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 

12,064,679

 

 

4,720

 

 

(3,573

)

 

12,065,826

 

 

 

 

 

11,166,760

 

 

899,066

 

Corporate Notes/Bonds

 

 

6,868,754

 

 

27,956

 

 

(703

)

 

6,896,007

 

 

 

 

 

731,926

 

 

6,164,081

 

Municipal Notes/Bonds

 

 

1,002,769

 

 

 

 

 

(2,339

)

 

1,000,430

 

 

 

 

 

1,000,430

 

 

 

 

Commercial Paper

 

 

1,635,183

 

 

5,030

 

 

—

 

 

1,640,213

 

 

 

 

 

1,640,213

 

 

 

 

Subtotal

 

 

21,571,385

 

 

37,706

 

 

(6,615

)

 

21,602,476

 

 

—

 

 

14,539,329

 

 

7,063,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

36,335,784

 

$

37,706

 

$

(6,615

)

$

36,366,875

 

$

14,764,399

 

$

14,539,329

 

$

7,063,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair Value

 

Cash & Cash
Equivalents

 

Short-Term
Investments

 

Long-Term
Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

21,685,829

 

$

—

 

$

—

 

$

21,685,829

 

$

21,685,829

 

$

—

 

$

—

 

Money Market funds

 

 

829,881

 

 

 

 

 

 

 

 

829,881

 

 

829,881

 

 

 

 

 

 

 

Subtotal

 

 

22,515,710

 

 

—

 

 

—

 

 

22,515,710

 

 

22,515,710

 

 

—

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 

23,527,506

 

 

8,213

 

 

(16,608

)

 

23,519,111

 

 

 

 

 

18,635,601

 

 

4,883,510

 

Subtotal

 

 

23,527,506

 

 

8,213

 

 

(16,608

)

 

23,519,111

 

 

—

 

 

18,635,601

 

 

4,883,510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

46,043,216

 

$

8,213

 

$

(16,608

)

$

46,034,821

 

$

22,515,710

 

$

18,635,601

 

$

4,883,510

 

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 such recoveries to occur prior to the contractual maturities. All unrealized losses as of September 30, 2012 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, 2012.

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, 2012:

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

Estimated Market Value

 

 

Due within one year

 

$

14,533,198

 

$

14,539,329

 

Due after one year through five years

 

 

7,038,187

 

 

7,063,147

 

 

 

$

21,571,385

 

$

21,602,476

 

The Company did not recognize any gross realized gains and gross realized losses were immaterial during the nine-month periods ending September 30, 2012 and 2011, 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.