INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Fair value of cash equivalents and marketable securities

The Company’s fair value hierarchy for its cash equivalents and marketable securities as of September 30, 2013 and December 31, 2012, respectively, was as follows:

September 30, 2013	Level 1		Level 2		Level 3		Total
Money market securities	$	98,803	$	-	$	-	$	98,803
Certificates of Deposit		9,750,000		-		-		9,750,000
Commercial paper		-		999,707		-		999,707
Corporate notes		-		1,132,682		-		1,132,682
Total	$	9,848,803	$	2,132,389	$	-	$	11,981,192

December 31, 2012	Level 1		Level 2		Level 3		Total
Money market securities	$	2,242,076	$	-	$	-	$	2,242,076
Total	$	2,242,076	$	-	$	-	$	2,242,076