Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]  
Cash and cash equivalents

 

 

   2012   2011
Cash $ 1,444,000      $ 1,134,974
Money market fund   20,539,000      19,525,868
Total $  21,983,000    $ 20,660,842
Computations of basic and diluted weighted average common shares outstanding
  2012 2011
     
Weighted-average common shares outstanding - basic

 

25,744,330  

 

 

25,813,038
     
Dilutive effect of options and warrants      _2,728,423  5,117.445
     
Weighted-average common shares outstanding - diluted      28,472,753       30,930,483
     
Options and Warrants excluded from the computation of diluted income (loss) per share because the effect of inclusion would have been anti-dilutive

 

 

 

        3,104,077  

 

 

 

     4,662,252
Financial assets subject to fair value measurements
    Fair Value as of December 31, 2012   Fair Value Measurements at December 31, 2012 Using Fair Value Hierarchy
      Level 1   Level 2   Level 3
Cash and cash equivalents $ 21,983,000 $ 21,983,000 $      —      $      —     
Corporate bond   547,000        —        547,000    
Total $ 22,530,000 $ 21,983,000 $ 547,000 $      —     

 

 

      Fair Value as of December 31, 2011   Fair Value Measurements at December 31, 2011 Using Fair Value Hierarchy
        Level 1   Level 2   Level 3
Cash and cash equivalents $ 20,660,842 $ 20,660,842 $      —      $      —     
Corporate bond   556,376        —        556,376    
Total $ 21,217,218 $ 20,660,842 $ 556,376 $      —