Document And Entity Information
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Document And Entity Information
3 Months Ended
Mar. 31, 2013
May 01, 2013
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2013  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2013  
Entity Registrant Name COMMUNICATIONS SYSTEMS INC  
Entity Central Index Key 0000022701  
Current Fiscal Year End Date --03-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   8,529,037

Condensed Consolidated Balance Sheets
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Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2013
Dec. 31, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 10,824,540 $ 17,869,712
Investments 10,679,437 12,701,538
Trade accounts receivable, less allowance for doubtful accounts of $55,000 and $69,000, respectively 18,358,611 14,683,227
Inventories 36,980,325 33,752,710
Prepaid income taxes 2,015,128 2,113,926
Other current assets 922,561 783,352
Deferred income taxes 4,144,404 4,013,628
TOTAL CURRENT ASSETS 83,925,006 85,918,093
PROPERTY, PLANT AND EQUIPMENT, net 14,403,000 14,474,913
OTHER ASSETS:    
Investments 6,203,992 5,376,397
Goodwill 5,797,671 5,956,934
Other assets 739,931 808,308
TOTAL OTHER ASSETS 12,741,594 12,141,639
TOTAL ASSETS 111,069,600 112,534,645
CURRENT LIABILITIES:    
Current portion of long-term debt 465,320 457,464
Accounts payable 7,990,304 9,237,233
Accrued compensation and benefits 2,536,366 3,044,864
Accrued consideration 581,750 770,041
Other accrued liabilities 1,955,024 1,670,009
Dividends payable 1,453,035 61,833
TOTAL CURRENT LIABILITIES 14,981,799 15,241,444
LONG TERM LIABILITIES:    
Long-term compensation plans 42,069 350,457
Uncertain tax positions 327,221 320,426
Deferred income taxes 1,423,459 1,381,785
Pension liabilities 325,810 127,611
Long term debt - mortgage payable 998,211 1,117,529
TOTAL LONG-TERM LIABILITIES 3,116,770 3,297,808
COMMITMENTS AND CONTINGENCIES (Footnote 7)      
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share; 3,000,000 shares authorized; none issued      
Common stock, par value $.05 per share; 30,000,000 shares authorized; 8,523,719 and 8,474,896 shares issued and outstanding, respectively 426,186 423,745
Additional paid-in capital 37,087,003 36,404,518
Retained earnings 56,606,937 57,755,178
Accumulated other comprehensive loss (1,149,095) (588,048)
TOTAL STOCKHOLDERS' EQUITY 92,971,031 93,995,393
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 111,069,600 $ 112,534,645

Condensed Consolidated Balance Sheets (Parenthetical)
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Condensed Consolidated Balance Sheets [Abstract]    
Trade accounts receivable, allowance for doubtful accounts $ 55,000 $ 69,000
Preferred stock, par value $ 1.00 $ 1.00
Preferred stock, shares authorized 3,000,000 3,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.05 $ 0.05
Common stock, shares authorized 30,000,000 30,000,000
Common stock, shares issued 8,523,719 8,474,896
Common stock, shares outstanding 8,523,719 8,474,896

Condensed Consolidated Statements Of Income And Comprehensive Income
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Condensed Consolidated Statements Of Income And Comprehensive Income (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Condensed Consolidated Statements Of Income And Comprehensive Income [Abstract]    
Sales $ 27,452,731 $ 24,243,922
Costs and expenses:    
Cost of sales 17,676,804 14,295,294
Selling, general and administrative expenses 9,405,150 9,818,182
Total costs and expenses 27,081,954 24,113,476
Operating income 370,777 130,446
Other income and (expenses):    
Investment and other income (expense) 87,291 (20,698)
(Loss)/gain on sale of assets (47,262) 20,572
Interest and other expense (29,386) (36,759)
Other income (loss), net 10,643 (36,885)
Income from operations before income taxes 381,420 93,561
Income tax expense 139,061 38,483
Net income 242,359 55,078
Other comprehensive income (loss), net of tax:    
Additional minimum pension liability adjustments (205,815) 135,892
Unrealized gains/(losses) on available-for-sale securities (12,078) 12,052
Foreign currency translation adjustment (343,154) 138,017
Total other comprehensive (loss) income (561,047) 285,961
Comprehensive (loss) income $ (318,688) $ 341,039
Basic net income per share: $ 0.03 $ 0.01
Diluted net income per share: $ 0.03 $ 0.01
Weighted Average Basic Shares Outstanding 8,486,533 8,473,774
Weighted Average Dilutive Shares Outstanding 8,496,318 8,510,345
Dividends declared per share $ 0.16 $ 0.16

Condensed Consolidated Statements Of Changes In Stockholders' Equity
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Condensed Consolidated Statements Of Changes In Stockholders' Equity (USD $)
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Total
BALANCE at Dec. 31, 2012 $ 423,745 $ 36,404,518 $ 57,755,178 $ (588,048) $ 93,995,393
BALANCE, Shares at Dec. 31, 2012 8,474,896        
Net income     242,359   242,359
Issuance of common stock under Employee Stock Purchase Plan 211 43,729     43,940
Issuance of common stock under Employee Stock Purchase Plan, Shares 4,225        
Issuance of common stock to Employee Stock Ownership Plan 2,230 461,589     463,819
Issuance of common stock to Employee Stock Ownership Plan, Shares 44,598        
Share-based compensation   177,167     177,167
Shareholder dividends     (1,390,600)   (1,390,600)
Other comprehensive loss       (561,047) (561,047)
BALANCE at Mar. 31, 2013 $ 426,186 $ 37,087,003 $ 56,606,937 $ (1,149,095) $ 92,971,031
BALANCE, Shares at Mar. 31, 2013 8,523,719        

Condensed Consolidated Statements Of Cash Flows
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Condensed Consolidated Statements Of Cash Flows (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 242,359 $ 55,078
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 485,793 584,690
Share-based compensation 177,167 111,044
Deferred taxes (89,101) 55,533
Change in fair value of acquisition-related contingent consideration 27,231  
Loss/(gain) on sale of assets 47,262 (20,572)
Changes in assets and liabilities:    
Trade receivables (3,707,328) 148,107
Inventories (3,309,289) (1,082,165)
Prepaid income taxes 111,201 (76,842)
Other assets (137,257) 132,159
Accounts payable (1,229,882) 9,451
Accrued compensation and benefits (350,808) (3,136,397)
Other accrued liabilities 255,243 (235,703)
Income taxes payable (5,499) 8,287
Net cash used in operating activities (7,482,908) (3,447,330)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (479,129) (681,099)
Purchases of investments (2,932,571) (2,007,701)
Acquisition of business   (43,639)
Proceeds from the sale of fixed assets 24,971 74,372
Proceeds from the sale of investments 4,115,000 4,359,039
Net cash provided by investing activities 728,271 1,700,972
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid   (1,269,737)
Mortgage principal payments (111,462) (104,123)
Proceeds from issuance of common stock 43,940 54,409
Payment of contingent consideration related to acquisition (161,060)  
Net cash used in financing activities (228,582) (1,319,451)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (61,953) 25,584
NET DECREASE IN CASH AND CASH EQUIVALENTS (7,045,172) (3,040,225)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 17,869,712 22,515,710
CASH AND CASH EQUIVALENTS AT END OF YEAR 10,824,540 19,475,485
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 116,297 62,934
Interest paid 26,261 35,822
Dividends declared not paid $ 1,363,795 $ 1,355,294

Summary Of Significant Accounting Policies
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Summary Of Significant Accounting Policies
3 Months Ended
Mar. 31, 2013
Summary Of Significant Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of Business

 

Communications Systems, Inc. (herein collectively called “CSI” or the “Company”) is a Minnesota corporation organized in 1969 which operates directly and through its subsidiaries located in the United States, Costa Rica, the United Kingdom and China. CSI is principally engaged through its Suttle business unit in the manufacture and sale of modular connecting and wiring devices for voice and data communications, digital subscriber line filters, and structured wiring systems and through its Transition Networks business unit in the manufacture of media and rate conversion products for telecommunications networks. CSI also provides through its JDL Technologies (“JDL”) business unit IT solutions including network design, computer infrastructure installations, IT service management, change management, network security and network operations services.

 

Financial Statement Presentation

 

The condensed consolidated balance sheets and condensed consolidated statement of changes in stockholders’ equity as of March 31, 2013 and the related condensed consolidated statements of income and comprehensive income, and the condensed consolidated statements of cash flows for the periods ended March 31, 2013 and 2012 have been prepared by Company management.  In the opinion of management, all adjustments (which include only normal recurring adjustments, except where noted) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2013 and 2012 and for the periods then ended have been made.

 

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted.  We recommend these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2012 Annual Report to Shareholders on Form 10-K.  The results of operations for the periods ended March 31, 2013 are not necessarily indicative of operating results for the entire year.

 

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period.  The estimates and assumptions used in the accompanying condensed consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the time of the financial statements.  Actual results could differ from those estimates.

 

Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, appropriately represent, in all material respects, the current status of accounting policies, and are incorporated herein by reference.

 

 

Revenue Recognition

 

The Company’s manufacturing operations (Suttle and Transition Networks) recognize revenue when the earnings process is complete, evidenced by persuasive evidence of an agreement, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized for domestic and international sales at the shipping point or delivery to customers, based on the related shipping terms. Risk of loss transfers at the point of shipment or delivery to customers, and the Company has no further obligation after this time. Sales are made directly to customers and through distributors. Payment terms for distributors are consistent with the terms of the Company’s direct customers. The Company records a provision for sales returns, sales incentives, and warranty costs at the time of the sale, based on historical experience and current trends.

 

JDL generally records revenue on hardware, software and related equipment sales and installation contracts when the revenue recognition criteria are met and products are installed and accepted by the customer. JDL records revenue on service contracts on a straight-line basis over the contract period, unless evidence suggests the revenue is earned in a different pattern. Each contract is individually reviewed to determine when the earnings process is complete.

 

Accumulated Other Comprehensive Income

 

The components of accumulated other comprehensive income, net of tax, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31

 

 

December 31

 

 

 

2013

 

 

2012

Foreign currency translation

 

$

(2,713,628)

 

$

(2,370,474)

Unrealized gain on available-for-sale investments

 

 

11,512 

 

 

23,590 

Minimum pension liability

 

 

1,553,021 

 

 

1,758,836 

 

 

$

(1,149,095)

 

$

(588,048)

 

 


Summary Of Significant Accounting Policies (Policy)
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Summary Of Significant Accounting Policies (Policy)
3 Months Ended
Mar. 31, 2013
Summary Of Significant Accounting Policies [Abstract]  
Financial Statement Presentation

Financial Statement Presentation

 

The condensed consolidated balance sheets and condensed consolidated statement of changes in stockholders’ equity as of March 31, 2013 and the related condensed consolidated statements of income and comprehensive income, and the condensed consolidated statements of cash flows for the periods ended March 31, 2013 and 2012 have been prepared by Company management.  In the opinion of management, all adjustments (which include only normal recurring adjustments, except where noted) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2013 and 2012 and for the periods then ended have been made.

 

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted.  We recommend these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2012 Annual Report to Shareholders on Form 10-K.  The results of operations for the periods ended March 31, 2013 are not necessarily indicative of operating results for the entire year.

 

The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period.  The estimates and assumptions used in the accompanying condensed consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the time of the financial statements.  Actual results could differ from those estimates.

 

Except to the extent updated or described below, the significant accounting policies set forth in Note 1 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, appropriately represent, in all material respects, the current status of accounting policies, and are incorporated herein by reference.

Revenue Recognition

Revenue Recognition

 

The Company’s manufacturing operations (Suttle and Transition Networks) recognize revenue when the earnings process is complete, evidenced by persuasive evidence of an agreement, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized for domestic and international sales at the shipping point or delivery to customers, based on the related shipping terms. Risk of loss transfers at the point of shipment or delivery to customers, and the Company has no further obligation after this time. Sales are made directly to customers and through distributors. Payment terms for distributors are consistent with the terms of the Company’s direct customers. The Company records a provision for sales returns, sales incentives, and warranty costs at the time of the sale, based on historical experience and current trends.

 

JDL generally records revenue on hardware, software and related equipment sales and installation contracts when the revenue recognition criteria are met and products are installed and accepted by the customer. JDL records revenue on service contracts on a straight-line basis over the contract period, unless evidence suggests the revenue is earned in a different pattern. Each contract is individually reviewed to determine when the earnings process is complete.

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

 

The components of accumulated other comprehensive income, net of tax, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31

 

 

December 31

 

 

 

2013

 

 

2012

Foreign currency translation

 

$

(2,713,628)

 

$

(2,370,474)

Unrealized gain on available-for-sale investments

 

 

11,512 

 

 

23,590 

Minimum pension liability

 

 

1,553,021 

 

 

1,758,836 

 

 

$

(1,149,095)

 

$

(588,048)

 


Summary Of Significant Accounting Policies (Tables)
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Summary Of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2013
Summary Of Significant Accounting Policies [Abstract]  
Components Of Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31

 

 

December 31

 

 

 

2013

 

 

2012

Foreign currency translation

 

$

(2,713,628)

 

$

(2,370,474)

Unrealized gain on available-for-sale investments

 

 

11,512 

 

 

23,590 

Minimum pension liability

 

 

1,553,021 

 

 

1,758,836 

 

 

$

(1,149,095)

 

$

(588,048)

 


Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Income) (Details)
v0.0.0.0
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Income) (Details) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Summary Of Significant Accounting Policies [Abstract]    
Foreign currency translation $ (2,713,628) $ (2,370,474)
Unrealized gain on available-for-sale investments 11,512 23,590
Minimum pension liability 1,553,021 1,758,836
Accumulated other comprehensive (loss) income, net of tax $ (1,149,095) $ (588,048)

Cash Equivalents And Investments
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Cash Equivalents And Investments
3 Months Ended
Mar. 31, 2013
Cash Equivalents And Investments [Abstract]  
Cash Equivalents And Investments

NOTE 2 – CASH EQUIVALENTS AND INVESTMENTS

 

The following tables show the Company’s cash equivalents and available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short and long term investments as of March 31, 2013 and December 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

Cash Equivalents

 

Short-Term Investments

 

Long-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds

$

3,211,661 

 

$

 -

 

$

 -

 

$

3,211,661 

 

$

3,211,661 

 

$

 

 

$

 

Subtotal

 

3,211,661 

 

 

 -

 

 

 -

 

 

3,211,661 

 

 

3,211,661 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

5,438,166 

 

 

2,442 

 

 

(3,860)

 

 

5,436,748 

 

 

 -

 

 

4,477,193 

 

 

959,555 

Corporate Notes/Bonds

 

9,774,853 

 

 

30,959 

 

 

(3,458)

 

 

9,802,354 

 

 

 -

 

 

4,557,917 

 

 

5,244,437 

Commercial Paper

 

1,642,521 

 

 

1,806 

 

 

 -

 

 

1,644,327 

 

 

 -

 

 

1,644,327 

 

 

 -

Subtotal

 

16,855,540 

 

 

35,207 

 

 

(7,318)

 

 

16,883,429 

 

 

 -

 

 

10,679,437 

 

 

6,203,992 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

20,067,201 

 

$

35,207 

 

$

(7,318)

 

$

20,095,090 

 

$

3,211,661 

 

$

10,679,437 

 

$

6,203,992 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

Cash Equivalents

 

Short-Term Investments

 

Long-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds

$

5,497,788 

 

$

 -

 

$

 -

 

$

5,497,788 

 

$

5,497,788 

 

$

 

 

$

 

Subtotal

 

5,497,788 

 

 

 -

 

 

 -

 

 

5,497,788 

 

 

5,497,788 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

8,157,749 

 

 

3,727 

 

 

(1,945)

 

 

8,159,531 

 

 

 -

 

 

7,258,768 

 

 

900,763 

Corporate Notes/Bonds

 

8,241,327 

 

 

35,364 

 

 

(914)

 

 

8,275,777 

 

 

 -

 

 

3,800,143 

 

 

4,475,634 

Commercial Paper

 

1,638,892 

 

 

3,735 

 

 

 -

 

 

1,642,627 

 

 

 -

 

 

1,642,627 

 

 

 -

Subtotal

 

18,037,968 

 

 

42,826 

 

 

(2,859)

 

 

18,077,935 

 

 

 -

 

 

12,701,538 

 

 

5,376,397 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

23,535,756 

 

$

42,826 

 

$

(2,859)

 

$

23,575,723 

 

$

5,497,788 

 

$

12,701,538 

 

$

5,376,397 

 

The Company tests for other than temporary losses on a quarterly basis and has considered the unrealized losses indicated above to be temporary in nature. The Company intends to hold the investments until it can recover the full principal amount and has the ability to do so based on other sources of liquidity. The Company expects these recoveries to occur prior to the contractual maturities.  All unrealized losses as of March 31, 2013 were in a continuous unrealized loss position for less than twelve months and are not deemed to be other than temporarily impaired as of March 31, 2013.

The following table summarizes the estimated fair value of our investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of March 31, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

Estimated Market Value

 

 

 

 

 

Due within one year

 

$  

10,673,829 

 

$

10,679,437 

Due after one year through five years

 

 

6,181,711 

 

 

6,203,992 

 

 

16,855,540 

 

$

16,883,429 

 

The Company did not recognize any gross realized gains, and gross realized losses were immaterial, during the three-month periods ending March 31, 2013 and 2012, respectively. If the Company had realized gains or losses, they would be included within investment and other income in the accompanying consolidated results of operations.


Cash Equivalents And Investments (Tables)
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Cash Equivalents And Investments (Tables)
3 Months Ended
Mar. 31, 2013
Cash Equivalents And Investments [Abstract]  
Schedule Of Cash And Available-For-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2013

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

Cash Equivalents

 

Short-Term Investments

 

Long-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds

$

3,211,661 

 

$

 -

 

$

 -

 

$

3,211,661 

 

$

3,211,661 

 

$

 

 

$

 

Subtotal

 

3,211,661 

 

 

 -

 

 

 -

 

 

3,211,661 

 

 

3,211,661 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

5,438,166 

 

 

2,442 

 

 

(3,860)

 

 

5,436,748 

 

 

 -

 

 

4,477,193 

 

 

959,555 

Corporate Notes/Bonds

 

9,774,853 

 

 

30,959 

 

 

(3,458)

 

 

9,802,354 

 

 

 -

 

 

4,557,917 

 

 

5,244,437 

Commercial Paper

 

1,642,521 

 

 

1,806 

 

 

 -

 

 

1,644,327 

 

 

 -

 

 

1,644,327 

 

 

 -

Subtotal

 

16,855,540 

 

 

35,207 

 

 

(7,318)

 

 

16,883,429 

 

 

 -

 

 

10,679,437 

 

 

6,203,992 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

20,067,201 

 

$

35,207 

 

$

(7,318)

 

$

20,095,090 

 

$

3,211,661 

 

$

10,679,437 

 

$

6,203,992 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

Amortized Cost

 

Gross Unrealized Gains

 

Gross Unrealized Losses

 

Fair Value

 

Cash Equivalents

 

Short-Term Investments

 

Long-Term Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds

$

5,497,788 

 

$

 -

 

$

 -

 

$

5,497,788 

 

$

5,497,788 

 

$

 

 

$

 

Subtotal

 

5,497,788 

 

 

 -

 

 

 -