6.	Cash, Cash Equivalents and Marketable Securities

At June 30, 2012 and December 31, 2011, the Company’s investments included money market funds as well as short-term and long-term marketable securities. Marketable securities are investments with original maturities of greater than 90 days. Long-term marketable securities are securities with maturities of greater than one year. The average remaining contractual maturity of marketable securities at June 30, 2012 is approximately 12.97 months.

Management reviewed the Company’s investments as of June 30, 2012 and December 31, 2011 and concluded that there were no securities with other than temporary impairments in the investment portfolio. The Company does not intend to sell any investments in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Investments in debt securities consisted of the following at June 30, 2012:


	June 30, 2012
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	4,346,108	$	1,138	$	(766	)	$	4,346,480
Corporate and other debt securities		8,142,503		13,178		(367	)		8,155,314

		12,488,611		14,316		(1,133	)		12,501,794
Long-term marketable securities:
U.S. Government and agency securities		8,502,140		1,080		(5,270	)		8,497,950
Corporate and other debt securities		2,354,089		—		(1,364	)		2,352,725

		10,856,229		1,080		(6,634	)		10,850,675

Total	$	23,344,840	$	15,396	$	(7,767	)	$	23,352,469

At June 30, 2012, the Company’s investments included twelve debt securities in unrealized loss positions with a total unrealized loss of approximately $8,000 and a total fair market value of approximately $10,786,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. There were no realized gains or losses on the investments for the six months ended June 30, 2012 or the nine-month period ended December 31, 2011.

Investments in debt securities consisted of the following at December 31, 2011:


	December 31, 2011
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	8,373,355	$	3,126	$	(233	)	$	8,376,248
Corporate and other debt securities		7,046,222		3,336		(4,370	)		7,045,188

		15,419,577		6,462		(4,603	)		15,421,436
Long-term marketable securities:
U.S. Government and agency securities		8,399,428		2,223		(91	)		8,401,560
Corporate and other debt securities		1,031,443		2,347		—			1,033,790

		9,430,871		4,570		(91	)		9,435,350

Total	$	24,850,448	$	11,032	$	(4,694	)	$	24,856,786

The contractual maturities of debt securities at June 30, 2012 were as follows:


	Amortized Cost		Fair Value
Due in 1 year or less	$	12,488,611	$	12,501,794
Due in 1 to 2 years		10,856,229		10,850,675

	$	23,344,840	$	23,352,469