Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

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Marketable Securities
 6 Months Ended
Jun. 30, 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 June 30, 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   $ 990     $ -     $ -     $ -     $ 990  
US agency securities     297,699       360       1,335       -       299,394  
Certificates of deposits     2,940,000       11,612       10,006       -       2,961,618  
Corporate securities     1,528,308       4,934       -       (3,168 )     1,530,074  
Municipal securities     1,627,849       1,343       -       (5,142 )     1,624,050  
Total Level 2:     6,394,846       18,250       11,341       (8,310 )     6,416,126  
                                         
Total:   $ 6,394,846     $ 18,250     $ 11,341     $ (8,310 )   $ 6,416,126  

 

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 loss of $3,559 and a gain of $23,155 for the three and six months ended June 30, 2015 and a gain of $7,325 and a loss of $3,549 for the three and six months ended June 30, 2014.

 

As of June 30, 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  
                             
$ 1,474,966     $ 4,841,136     $ -     $ 100,024  

 

Proceeds from the sale of marketable securities for the three and six months ended June 30, 2015 were $1,652,886 and $2,906,322 and were $1,079,615 and $1,081,329 for the three and six months ended June 30, 2014. As a result of these sales, a gross loss of $2,436 and $1,988 was recorded for the three and six months ended June 30, 2015 and a gross loss of $110 and $70 was recorded for the three and six months ended June 30, 2014.