Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

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Marketable Securities
 3 Months Ended
Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

Note 3 – Marketable Securities

 

Following is a description of the valuation methodologies used for assets measured at fair value as of March 31, 2015 and December 31, 2014.

 

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.

 

    2015  
          Accrued     Unrealized     Unrealized     Fair  
    Cost     Income     Gains     Losses     Value  
Level 2:                              
Money market funds   $ 11,012     $ 0     $ -     $ -     $ 11,012  
US agency securities     297,699       960       1,125       -       299,784  
Certificates of deposits     2,940,000       4,654       7,847       -       2,952,501  
Corporate securities     1,528,308       2,708       785       -       1,531,801  
Municipal securities     3,263,385       2,995       -       (3,168 )     3,263,212  
Total Level 2:     8,040,404       11,317       9,757       (3,168 )     8,058,310  
                                         
Total:   $ 8,040,404     $ 11,317     $ 9,757     $ (3,168 )   $ 8,058,310  

 

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 gains and 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 a gain of $26,713 for the three months ended March 31, 2015 and a loss of $10,874 for the three months ended March 31, 2014.

 

As of March 31, 2015, investments in U.S. agency securities, corporate securities and municipal securities classified as available for sale mature as follows:

 

Within                 After  
1 Year     1 - 5 Years     5 - 10 Years     10 Years  
                             
$ 3,123,251     $ 4,835,032     $ -     $ 100,027  

 

Proceeds from the sale of marketable securities for the three months ended March 31, 2015 and 2014 were $1,253,436 and $1,713. For the three months ended March 31, 2015 and 2014 the gross gain was $448 and $40 as a result of the sales.