7.	Cash, Cash Equivalents and Marketable Securities

At March 31, 2014 and December 31, 2013, the Company’s investments included money market funds as well as short-term and long-term marketable securities. These marketable securities are classified as available-for-sale. 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 March 31, 2014 is approximately 9.53 months.

Management reviewed the Company’s investments as of March 31, 2014 and December 31, 2013 and concluded that there are 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 money market funds and marketable securities consisted of the following at March 31, 2014:


	March 31, 2014
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	9,529,909	$	2,415	$	(120	)	$	9,532,204
Corporate and other debt securities		12,016,880		4,043		(1,729	)		12,019,194

		21,546,789		6,458		(1,849	)		21,551,398
Long-term marketable securities:
U.S. Government and agency securities		8,918,120		516		(8,279	)		8,910,357
Corporate and other debt securities		1,994,104		1,915		(1,858	)		1,994,161

		10,912,224		2,431		(10,137	)		10,904,518

Total	$	32,459,013	$	8,889	$	(11,986	)	$	32,455,916

At March 31, 2014, the Company’s investments included thirty securities in unrealized loss positions with a total unrealized loss of approximately $12,000 and a total fair market value of approximately $14,141,000. 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 three months ended March 31, 2014 or the year ended December 31, 2013.

Investments in money market funds and marketable securities consisted of the following at December 31, 2013:


	December 31, 2013
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	8,165,464	$	435	$	(630	)	$	8,165,269
Corporate and other debt securities		13,626,690		3,636		(2,045	)		13,628,281

		21,792,154		4,071		(2,675	)		21,793,550
Long-term marketable securities:
U.S. Government and agency securities		11,599,415		466		(7,034	)		11,592,847
Corporate and other debt securities		625,882		100		(227	)		625,755

		12,225,297		566		(7,261	)		12,218,602

Total	$	34,017,451	$	4,637	$	(9,936	)	$	34,012,152

The contractual maturities of money market funds and marketable securities at March 31, 2014 were as follows:


	Amortized Cost		Fair Value
Due in 1 year or less	$	21,546,789	$	21,551,398
Due in 1 to 2 years		10,912,224		10,904,518

	$	32,459,013	$	32,455,916