Cash and cash equivalents at January 31, 2013 and 2012 amounted to $33,305,908 and $34,581,394, respectively. The cash and cash equivalents balance at January 31, 2013 was comprised of the following: (i) cash amounting to $11,237,309 and (ii) cash equivalents consisting of money market funds amounting to $22,068,599.  The Company places its cash deposits and temporary cash investments with financial institutions, that at times, may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit.  At January 31, 2013, the Company's cash and cash equivalents were held at 20 financial institutions.

Short-term investments at January 31, 2013 and 2012 amounted to $1,022,266 and $764,061, respectively.  The short-term investment balance at January 31, 2013 was comprised of four certificates of deposit with twelve month maturity dates.  The short-term investment balance at January 31, 2012 was comprised of two certificates of deposit with nine month maturity dates and one certificate of deposit with a twelve month maturity date.

Long-term investments:

Long-term investments at January 31, 2013 and 2012 amounted to zero and $494,537, respectively, which are reported in other assets on the consolidated balance sheets.  The long-term investment balance at January 31, 2012 was comprised of two certificates of deposit with fourteen and fifteen month maturity dates.  The Company evaluates the creditworthiness of the financial institutions and the financial instruments in which it invests.

The estimated fair value and carrying amount of debt were as follows:

Valuations for debt are determined based on borrowing rates currently available to the Company for loans with similar terms and maturities.

The Company uses an interest rate swap (see Note 7) to minimize its exposure to fluctuations in interest rates.  The interest rate differential to be paid or received under this agreement is recognized over the term of the loan and is included in interest expense.

The Company's financial instruments are not held for trading purposes.

The following table summarizes the basis used to measure the Company's financial assets (liabilities) at fair value on a recurring basis in the consolidated balance sheets at January 31, 2013 and 2012:

There were no transfers of assets or liabilities between Level 1 and Level 2 in the fiscal years ended January 31, 2013 or 2012.

The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services.  The Company's cash surrender value of life insurance policies (which are reported in other assets on the consolidated balance sheets) and the interest rate swap agreement are valued using Level 2 measurements based on quotes for like instruments with similar credit ratings and terms, as provide by the applicable financial institutions.