Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

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Marketable Securities
 3 Months Ended
Mar. 31, 2016
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, 2016 and December 31, 2015.

 

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.

 

    2016  
          Accrued     Unrealized     Unrealized     Fair  
    Cost     Income     Gains     Losses     Value  
Level 2:                                        
Money market funds   $ 1,837     $ 17     $ -     $ -     $ 1,854  
US agency securities     40,307       66       -       -       40,373  
Certificates of deposits     1,070,000       1,193       2,712       -       1,073,905  
Corporate securities     1,028,308       2,294       -       (707 )     1,029,895  
Municipal securities     294,651       1,491       298       -       296,440  
Total Level 2:     2,435,103       5,061       3,010       (707 )     2,442,467  
                                         
Total:   $ 2,435,103     $ 5,061     $ 3,010     $ (707 )   $ 2,442,467  

 

The above securities are classified as available for sale. The securities are valued at fair market value. Maturities of the securities range from one to two 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. The net unrealized gains were $8,534 and $26,713 for the three months ended March 31, 2016 and 2015.

 

As of March 31, 2016, investments in money market funds, U.S. agency securities, certificates of deposit, 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  
                             
$ 1,030,868     $ 1,411,599     $ -     $ -  

 

Proceeds from the sale of marketable securities for the three months ended March 31, 2016 and 2015 were $1,601,456 and $1,253,436, respectively. For the three months ended March 31, 2016 and 2015 the gross gain was $308 and $448 as a result of these sales.