Investments in Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments Debt And Equity Securities [Abstract]

Summary of Investments Classified As Available-For-Sale Securities

Investments classified as available-for-sale at September 30, 2015 consisted of the following:

	Amortized Cost		Gross Unrealized Gains ⁽¹⁾		Gross Unrealized Losses ⁽¹⁾			Aggregate Estimated Fair Value
Money market funds (2)		1,269,047		—		—			1,269,047
Certificates of deposit (3)		7,089,727		—		—			7,089,727
Corporate debt securities (4)		8,264,628		975		(5,823	)		8,259,780
	$	16,623,402	$	975	$	(5,823	)	$	16,618,554

(1)

Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At September 30, 2015, there were 12 securities in an unrealized loss position. These unrealized losses were less than $2,000 individually and $6,000 in the aggregate. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)	All money market funds are classified as cash equivalents.

(3)	At September 30, 2015, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and $249,348 of these securities were scheduled to mature outside of one year.

(4)	At September 30, 2015, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and $0 of these securities were scheduled to mature outside of one year.

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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