Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2012

Cash and Cash Equivalents

Note 4 – Cash and Cash Equivalents

Cash and cash equivalents include short-term, highly liquid, investments with maturities of ninety days or less when purchased. As of March 31, 2012, and December 31, 2011, the Company had approximately $764,700 and $791,100, respectively in bank deposits covered by the Federal Deposit Insurance Corporation. As of March 31, 2012 and December 31, 2011, cash and short-term investments held by Erye, our 51%-owned foreign subsidiary, that are not available to fund domestic operations unless repatriated were $14,766,600 and $8,707,500, respectively.