Note 3 - Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

3. Fair Value Measurements

We measure certain assets, such as fixed income investments, at fair value based upon exit price. Such valuation represents the amount that would be received on the sale of an asset in an orderly transaction between market participants. Fair value may be based on assumptions that market participants would use in pricing an asset. The Company does not have any liabilities required to be recorded at fair value.  To increase the comparability of fair value measurements, the following hierarchical levels of inputs to valuation methodologies are used:

• Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange.

• Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.

• Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market.  These unobservable assumptions reflect our own estimates of assumptions market participants would use in pricing the asset or liability.

 Cash equivalents in money market accounts measured and recorded at fair value on a recurring basis were $59,273,649 and $34,266,501 at June 30, 2014 and December 31, 2013, respectively, and were classified as Level 2 instruments.  Our cash equivalents were initially valued at the transaction price, and subsequently valued, at the end of each reporting period, utilizing market observable data.