Quarterly report pursuant to Section 13 or 15(d)

Organization and Summary of Significant Accounting Policies (Tables)

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Organization and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2012
Organization And Summary Of Significant Accounting Policies Tables  
Estimated Economic Useful Lives of the Related Assets

Office furniture, equipment and leasehold improvements are stated at cost. Depreciation and amortization are computed using the straight-line method over the estimated economic useful lives of the related assets as follows:

 

Furniture & fixtures 5-10 years
Equipment 5- 7 years
Computer equipment                 3 years
Leasehold improvements 8-15 years

 

Schedule of Gross Unrealized Gain/Loss on Securities

Investments in securities are summarized as follows:

    September 30, 2012
    Gross   Gross    
    Unrealized   Unrealized   Fair
    Gain   Loss   Value
Trading securities     $      100,943     $                -     $     133,392 
Available-for-sale securities     $      103,130     $                     $      306,130

 

    December 31, 2011
    Gross   Gross    
    Unrealized   Unrealized   Fair
    Gain   Loss   Value
Trading securities     $                -     $      105,026     $      268,163
Available-for-sale securities     $      112,660     $                -     $      226,160
             

 

Schedule of Gross Realized Gain/Loss on Securities

Realized Gains and losses are determined on the basis of specific identification. During the nine months ended September 30, 2012 and 2011, sales proceeds and gross realized gains and losses on securities classified as available-for-sale securities and trading securities were:

  For the nine months ended
  September 30,
  2012   2011
Trading securities:      
  Sales Proceeds   $      285,534     $      667,451
  Gross Realized Losses   $       79,987     $                 -
  Gross Realized Gains   $                -     $       59,302 
       
Available-for-sale securities:      
  Sale Proceeds   $                -     $                 -
  Gross Realized Losses   $                -     $                 -
  Gross Realized Gains                                        $                -     $                 -

 

Schedule of Fair Value of Assets Measured on Recurring Basis

The following table discloses the assets measured at fair value on a recurring basis and the methods used to determine fair value:

 

      Fair Value Measurements at Reporting Date Using
      Quoted Prices   Significant   Significant
      in Active   Other   Unobservable
  Fair Value at   Markets   Observable Inputs   Inputs
  September 30, 2012   (Level 1)   (Level 2)   (Level 3)
               
Trading securities   $        133,392      $     133,392      $                    -     $               -
Available-for-sale securities   $        306,130      $     306,130      $                    -     $               -
               
Total   $         439,522     $      439,522     $                    -     $               -