SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Fair Value Assets Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for these financial assets as of March 31, 2016 and December 31, 2015:

March 31, 2016	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	5,948,850	$	5,948,850		-		-
Investments	Municipal Bonds		4,375,538		-		4,375,538		-
Investments	Corporate Bonds		19,777,612		-		19,777,612		-
Investments	Certificates of Deposit		10,594,272		10,594,272		-		-

December 31, 2015	Type of Instrument		Fair Value		Level 1	Level 2	Level 3
Cash equivalents	Institutional Money Market	$	715,784	$	715,784	-	-
Investments	Municipal Bonds		6,617,042		-	6,617,042	-
Investments	Corporate Bonds		11,480,000		-	11,480,000	-
Investments	Certificates of Deposit		13,847,041		13,847,041	-	-

Summary of Stock Option Activity

A summary of our stock option activity during the three months ended March 31, 2016 is presented below:

	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate  Intrinsic Value
Outstanding at January 1, 2016		562,000		$	11.91		2.51		17,456,220
Grants		-			-		-
Exercised		(115,000	)		1.54		-
Forfeitures or expirations		-			-		-
Outstanding at March 31, 2016		447,000		$	14.58		2.84	$	9,133,470
Exercisable at March 31, 2016		389,500		$	11.98		2.23	$	8,894,445