FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2016

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Assets Measured on Recurring Basis

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

December 31, 2016	Type of Instrument	Fair Value		Level 1		Level 2		Level 3
Cash equivalents	Institutional Money Market	$	2,290,331	$	2,290,331		-		-
Investments	Municipal Bonds		7,554,028		-		7,554,028		-
Investments	Corporate Bonds		33,354,407		-		33,354,407		-
Investments	Certificates of Deposit		7,117,807		7,117,807		-		-
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		-		-