MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2013

MARKETABLE SECURITIES [Abstract]

MARKETABLE SECURITIES

NOTE 4 - MARKETABLE SECURITIES

The Company accounts for its marketable securities in accordance with ASC 320. Accordingly, the Company classifies its marketable securities at acquisition as either: (i) held-to-maturity, (ii) trading or (iii) available-for-sale. The Company’s investment in U.S. Government intermediate bond funds are classified as trading securities, which are carried at fair value, as determined by quoted market price, which is Level 1 input, as established by the fair value hierarchy under ASC 320. The related unrealized gains/(losses) are included in the caption “Other income” on the accompanying Statements of Income. The Company’s marketable securities at December 31, 2013 and 2012 are summarized as follows:

	Adjusted Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value
2013:
U.S. Treasury Note, due 11/15/2015	$	1,210,503	$	--	$	(51,540	)	$	1,158,963
Marketable equity security		264,504		--		( 25,445	)		239,059
	$	1,475,007	$	--	$	(76,985	)	$	1,398,022
2012:
U.S. Treasury Note, due 11/15/2015	$	1,210,503	$	--	$	(7,853	)	$	1,202,650
Marketable equity security		525,325		--		( 2,342	)		522,983
	$	1,735,828	$	--	$	(10,195	)	$	1,725,633