FAIR VALUE MEASUREMENTS

6 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The fair value of cash equivalents and short-term investments are classified using a hierarchy prioritized based on inputs. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides the assets carried at fair value:

	Carrying Value		Quoted prices in active markets (Level 1)		Other quoted/observable inputs (Level 2)		Significant unobservable inputs (Level 3)
December 31, 2013:
Money Market Fund	$	13,017,234	$	13,017,234	$	-	$	-
U.S. Government Securities		1,500,000		1,500,000		-		-
TOTAL	$	14,517,234	$	14,517,234	$	-	$	-
June 30, 2013:
Money Market Fund	$	16,284,184	$	16,284,184	$	-	$	-
U.S. Government Securities		5,249,654		5,249,160		-		-
TOTAL	$	21,533,838	$	21,533,344	$	-	$	-