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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Schedule of Maturities
The following table presents the Company’s schedule of maturities at September 30, 2016 and December 31, 2015:

  
Maturities as of
September 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
 
$
6,917,696
  
$
-
  
$
6,461,216
  
$
155,826
 
                 
Corporate Bonds
  
31,218,996
   
1,194,049
   
9,882,285
   
1,597,715
 
                 
Certificates of deposit
  
6,938,878
   
249,050
   
12,004,041
   
1,843,000
 
Total
 
$
45,075,570
  
$
1,443,099
  
$
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 September 30, 2016 and December 31, 2015:

September 30, 2016
Type of Instrument
 
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
                  
Cash equivalents
Institutional Money Market
 
$
1,894,904
  
$
1,894,904
   
-
   
-
 
                  
Investments
Municipal Bonds
  
6,917,696
   
-
  
$
6,917,696
   
-
 
                  
Investments
Corporate Bonds
  
32,413,045
   
-
   
32,413,045
   
-
 
                  
Investments
Certificates of Deposit
  
7,187,928
   
7,187,928
   
-
   
-
 
              
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 nine months ended September 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
  
(255,000
)
  
2.08
   
-
   
-
 
Forfeitures or expirations
  
-
   
-
   
-
   
-
 
Outstanding at September 30, 2016
  
307,000
  
$
20.08
   
3.33
  
$
7,857,070
 
Exercisable at September 30, 2016
  
260,750
  
$
17.89
   
2.83
  
$
7,243,095