| Schedule of Short-Term Investments |
|
|
March 31, 2015
|
|
|
|
Amortized cost
|
|
|
Gross
unrealized
gains
|
|
|
Gross
unrealized
losses
|
|
|
Estimated fair
value
|
|
|
Certificates of deposit
|
|
$ |
249,775 |
|
|
$ |
803 |
|
|
$ |
- |
|
|
$ |
250,578 |
|
|
Municipal bonds
|
|
|
484,509 |
|
|
|
- |
|
|
|
(9,139 |
) |
|
|
475,370 |
|
|
Corporate fixed income bonds
|
|
|
1,542,956 |
|
|
|
- |
|
|
|
(5,767 |
) |
|
|
1,537,189 |
|
| |
|
$ |
2,277,240 |
|
|
$ |
803 |
|
|
$ |
(14,906 |
) |
|
$ |
2,263,137 |
|
|
|
December 31, 2014
|
|
|
|
|
Amortized cost
|
|
|
Gross
unrealized
gains
|
|
|
Gross
unrealized
losses
|
|
|
Estimated fair
value
|
|
|
Certificates of deposit
|
|
$ |
1,099,775 |
|
|
$ |
1,168 |
|
|
$ |
- |
|
|
$ |
1,100,943 |
|
|
Municipal bonds
|
|
|
536,046 |
|
|
|
- |
|
|
|
(6,572 |
) |
|
|
529,474 |
|
|
Corporate fixed income bonds
|
|
|
3,563,057 |
|
|
|
808,948 |
|
|
|
- |
|
|
|
4,372,005 |
|
| |
|
$ |
5,198,878 |
|
|
$ |
810,116 |
|
|
$ |
(6,572 |
) |
|
$ |
6,002,422 |
|
|
| Schedule of Warrant Liability Fair Value Assumptions |
| |
|
March 31,
2015
|
|
|
December 31,
2014
|
|
|
Strike price
|
|
$
|
10.00
|
|
|
$
|
10.00
|
|
|
Market price
|
|
$
|
4.85
|
|
|
$
|
4.87
|
|
|
Expected life
|
|
3.93 years
|
|
|
4.17 years
|
|
|
Risk-free interest rate
|
|
|
1.62
|
%
|
|
|
1.62
|
%
|
|
Dividend yield
|
|
|
0.00
|
%
|
|
|
0.00
|
%
|
|
Volatility
|
|
|
39
|
%
|
|
|
42
|
%
|
|
Warrants outstanding
|
|
|
131,250
|
|
|
|
131,250
|
|
|
Fair value of warrants
|
|
$
|
73,499
|
|
|
$
|
93,789
|
|
|