SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2015

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Maturities

The schedule of maturities at December 31, 2015 and 2014 are as follows:

	Maturities as of December 31, 2015				Maturities as of December 31, 2014
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	6,461,216	$	155,826	$	2,287,773	$	-
Corporate Bonds		9,882,285		1,597,715		-		-
Certificates of deposit		12,004,041		1,843,000		8,612,664		1,250,000
Total	$	28,347,542	$	3,596,541	$	10,900,437	$	1,250,000

Net Patent Costs

For each period presented below net patent costs consisted of:

	December 31,
	2015			2014
Patents	$	697,260		$	671,326
Accumulated Amortization		(422,054	)		(376,296	)
Net Patent Costs	$	275,206		$	295,030

Estimated Aggregate Future Amortization Expense

The estimated aggregate amortization expense for each of the next five years is approximately as follows:

2016	$	38,000
2017		38,000
2018		38,000
2019		38,000
2020		26,000