Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value as of September 30, 2014 and December 31, 2013:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Recurring
Restricted cash	$	498,929	$	-	$	-	$	498,929
Certificate of deposit		-		5,000,000		-		5,000,000
Total recurring	$	498,929	$	5,000,000	$	-	$	5,498,929
Nonrecurring
Investment in OC-BVI	$	-	$	-	$	5,956,657	$	5,956,657

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Recurring
Marketable securities	$	8,587,475	$	-	$	-	$	8,587,475
Nonrecurring
Investment in OC-BVI	$	-	$	-	$	6,623,448	$	6,623,448

Fair Value Measurements, Nonrecurring [Table Text Block]

The activity for Level 3 investments for the nine months ended September 30, 2014 was as follows:

Balance as of December 31, 2013	$	6,623,448
Profit sharing and equity from earnings of OC-BVI		302,809
Distributions received from OC-BVI		(969,600)
Balance as of September 30, 2014	$	5,956,657

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details