Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

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Marketable Securities
 9 Months Ended
Sep. 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 September 30, 2015 and December 31, 2014.

 

Money market funds, 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   $ 1,002     $ -     $ -     $ -     $ 1,002  
US agency securities     297,699       960       1,809       -       300,468  
Certificates of deposits     2,695,000       4,620       7,492       -       2,707,112  
Corporate securities     1,528,308       2,707       -       (1,225 )     1,529,790  
Municipal securities     688,291       1,798       764       -       690,853  
Total Level 2:     5,210,300       10,085       10,065       (1,225 )     5,229,225  
                                         
Total:   $ 5,210,300     $ 10,085     $ 10,065     $ (1,225 )   $ 5,229,225  

 

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 condensed consolidated statement of changes in stockholders’ equity as comprehensive income. These amounts were gains of $8,539 and $28,964 for the three and nine months ended September 30, 2015 and losses of $8,004 and $11,553 for the three and nine months ended September 30, 2014.

 

As of September 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  
                             
$ 295,084     $ 4,834,117     $ -     $ 100,024  

 

Proceeds from the sale of marketable securities for the three and nine months ended September 30, 2015 were $1,202,311 and $4,108,632 and were $1,249,263 and $2,330,592 for the three and nine months ended September 30, 2014. As a result of these sales, a gross loss of $5,213 and $7,201 was recorded for the three and nine months ended September 30, 2015 and a gross gain of $891 and $751 was recorded for the three and nine months ended September 30, 2014.