The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted
accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of the Securities and Exchange Commission’s Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included. The accompanying consolidated financial statements and notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2011. Operating
results for the six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.
All short-term and long-term investments are U.S. Treasury bills or U.S. Treasury notes that are classified as
held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity. The securities are carried at their amortized cost. The fair value of all securities is determined by quoted market prices. All long-term
investments mature in less than two years. At June 30, 2012 the short-term investments had a fair value of $12,022,538 and a carrying value of $12,024,270 and the long-term investments had a fair value of $3,016,992 and a carrying value of