| Fair Value Measurement - Marketable Securities |
Note 4 - Fair Value Measurement -
Marketable Securities
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Following is a description of the valuation methodologies used for assets measured at fair value as of December 31, 2014. There were no marketable securities as of December 31, 2013. |
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U.S. Agency Securities, Corporate and Municipal Securities and Certificates of Deposits: Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. |
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2014 |
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Accrued |
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Unrealized |
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Unrealized |
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Fair |
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|
Cost |
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Income |
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Gains |
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Losses |
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Value |
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| Level 2: |
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|
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|
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|
|
|
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|
|
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| Money market funds |
|
$ |
1,795 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,795 |
|
| US agency securities |
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|
297,699 |
|
|
|
360 |
|
|
|
- |
|
|
|
(141 |
) |
|
|
297,918 |
|
| Certificates of deposits |
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|
3,430,000 |
|
|
|
10,653 |
|
|
|
- |
|
|
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(11,236 |
) |
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3,429,417 |
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| Corporate securities |
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|
1,528,308 |
|
|
|
5,037 |
|
|
|
- |
|
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(6,631 |
) |
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1,526,714 |
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| Municipal securities |
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4,008,811 |
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|
|
2,422 |
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|
|
- |
|
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(2,116 |
) |
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4,009,117 |
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| Total Level 2: |
|
|
9,266,613 |
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|
|
18,472 |
|
|
|
- |
|
|
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(20,124 |
) |
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|
9,264,961 |
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|
|
|
|
|
|
|
|
|
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| Total: |
|
$ |
9,266,613 |
|
|
$ |
18,472 |
|
|
$ |
- |
|
|
$ |
(20,124 |
) |
|
$ |
9,264,961 |
|
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Marketable securities include U.S. agency securities, corporate securities, and municipal securities, which are classified as available for sale. The securities are valued at fair market value. Maturities of the securities range from one to twenty years. Unrealized losses relating to the available for sale investment securities were recorded in the consolidated statement of changes in stockholders equity as comprehensive income. These amounts were $20,124 and $- (net of effect of income tax expense of $-0-) for the years ended December 31, 2014 and 2013. |
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As of December 31, 2014, investments in U.S. agency securities, corporate securities and municipal securities classified as available for sale mature as follows: |
| Within |
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|
|
|
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After |
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1 Year |
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1 - 5 Years |
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5 - 10 Years |
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10 Years |
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|
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|
|
|
|
|
|
|
|
|
|
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| $ |
4,397,395 |
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|
$ |
4,767,538 |
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|
$ |
- |
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|
$ |
100,028 |
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Proceeds from the sale of marketable securities in the year ended December 31, 2014 is $3,284,494. Gross gain and gross loss as a result of the sales amounted to $861 and $110. |
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