SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Maturities

The schedule of maturities at June 30, 2016 and December 31, 2015 are as follows:

	Maturities as of June 30, 2016				Maturities as of December 31, 2015
	1 Year or Less		Greater than 1 Year		1 Year or Less		Greater than 1 Year
Municipal bonds	$	6,071,979	$	812,773	$	6,461,216	$	155,826
Corporate Bonds		22,649,320		1,451,758		9,882,285		1,597,715
Certificates of deposit		7,885,990		-		12,004,041		1,843,000
Total	$	36,607,289	$	2,264,531	$	28,347,542	$	3,596,541

Fair Value Assets Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for these financial assets as of June 30, 2016 and December 31, 2015:

June 30, 2016	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	1,801,290	$	1,801,290		-		-
Investments	Municipal Bonds		6,884,006		-	$	6,884,006		-
Investments	Corporate Bonds		24,101,824		-		24,101,824		-
Investments	Certificates of Deposit		7,885,990		7,885,990		-		-
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 six months ended June 30, 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 June 30, 2016		447,000		$	14.58		2.59	$	11,337,510
Exercisable at June 30, 2016		397,000		$	12.47		2.11	$	10,905,935