SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of Maturities

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

	Maturities as of December 31, 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	$	6,967,954	$	586,074	$	6,461,216	$	155,826
Corporate Bonds		30,418,120		2,936,287		9,882,285		1,597,715
Certificates of deposit		6,868,788		249,019		12,004,041		1,843,000
Total	$	44,254,862	$	3,771,380	$	28,347,542	$	3,596,541

Net Patent Costs

For each period presented below net patent costs consisted of:

	December 31,
	2016			2015
Patents	$	720,601		$	697,260
Accumulated Amortization		(462,246	)		(422,054	)
Net Patent Costs	$	258,355		$	275,206

Estimated Aggregate Future Amortization Expense

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

2017	$	39,000
2018		39,000
2019		39,000
2020		27,000
2021		16,000