| Summary of assets and liabilities measured at fair value |
| | | September 30, 2012 | | | | | | | | (Unaudited) | | | December 31, 2011 | | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government securities (1) | | $ | 500,071 | | | $ | — | | | $ | — | | | $ | 500,071 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Certificates of deposit | | | 500,000 | | | | — | | | | — | | | | 500,000 | | | | — | | | | — | | | | — | | | | — | | Total cash equivalents | | $ | 1,000,071 | | | $ | — | | | $ | — | | | $ | 1,000,071 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Short-term investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government securities (2) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,506,205 | | | $ | — | | | $ | — | | | $ | 3,506,205 | | Certificates of deposit | | | — | | | | — | | | | — | | | | — | | | | 2,975,000 | | | | — | | | | — | | | | 2,975,000 | | Total short-term investments | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 6,481,205 | | | $ | — | | | $ | — | | | $ | 6,481,205 | | LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | | $ | — | | | $ | 1,546,050 | | | $ | 1,546,050 | | | $ | — | | | $ | — | | | $ | 937,000 | | | $ | 937,000 | | Total common stock warrants | | $ | — | | | $ | — | | | $ | 1,546,050 | | | $ | 1,546,050 | | | $ | — | | | $ | — | | | $ | 937,000 | | | $ | 937,000 | |
(1) Includes amortization premium paid of $1,099 as of September 30, 2012. (2) Includes amortization premium paid of $8,733 as of December 31, 2011. |
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|
Level 1: Quoted Prices in Active Markets for Identical Assets
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|
|
Level 2: Quoted Prices in Inactive Markets for Identical Assets
|
|
|
Level 3: Significant Unobservable Inputs
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|
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Total at
December 31, 2011
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|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities
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|
$
|
3,514,938
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
3,514,938
|
|
|
Less: amortization premium paid
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|
|
(8,733
|
)
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|
|
|
|
|
|
|
|
|
|
(8,733
|
)
|
|
Total government securities
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|
$
|
3,506,205
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
3,506,205
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit
|
|
$
|
2,975,000
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
2,975,000
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
937,000
|
|
|
$
|
937,000
|
|
|
| Summary of amortized cost, fair value, and weighted average yield of marketable securities and certificates of deposit |
Security Type | | Remaining Maturity | | Consolidated Balance Sheet Classification | | Amortized Cost | | | Fair Value | | | Yield | | Government securities | | 31 Days | | Cash and cash equivalents | | $ | 500,071 | | | $ | 500,095 | | | | 0.37% | | Certificates of deposit | | 89 Days | | Cash and cash equivalents | | | 500,000 | | | | 500,088 | | | | 0.52% | | | | | | | Total | | $ | 1,000,071 | | | $ | 1,000,183 | | | | | |
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|
|
As of
December 31, 2011
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|
| |
|
Cost
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|
|
Fair Value
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|
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Yield
|
|
|
U.S. Government Securities
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|
|
|
|
|
|
|
|
|
|
Due within one year
|
|
$
|
3,506,205
|
|
|
$
|
3,507,640
|
|
|
|
0.60
|
%
|
| |
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
| |
|
$
|
3,506,205
|
|
|
$
|
3,507,640
|
|
|
|
|
|
| |
|
As of
December 31, 2011
|
|
| |
|
Cost
|
|
|
Fair Value
|
|
|
Yield
|
|
|
Certificates of Deposit
|
|
|
|
|
|
|
|
|
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|
Due within one year
|
|
$
|
2,975,000
|
|
|
$
|
2,972,569
|
|
|
|
0.33
|
%
|
| |
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
| |
|
$
|
2,975,000
|
|
|
$
|
2,972,569
|
|
|
|
|
|
|