Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2014

Assets Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of June 30, 2014:


	Fair value measurement at reporting date using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Money market funds	$	4,156,618	$	—	$	—	$	4,156,618
U.S. Government and agency securities		12,173,069		2,482,638		—		14,655,707
Corporate and other debt securities		—		13,511,759		—		13,511,759

Total	$	16,329,687	$	15,994,397	$	—	$	32,324,084

Roll Forward of Fair Value of Contingent Consideration

The following table provides a roll forward of the fair value of the contingent consideration:


Balance at December 31, 2013	$	1,648,928
Additions		1,400,000
Payments		(1,110,219	)
Changes in fair value		103,124

Balance at June 30, 2014	$	2,041,833

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details