FAIR VALUE MEASUREMENTS
|9 Months Ended|
Sep. 30, 2023
|Fair Value Disclosures [Abstract]|
|FAIR VALUE MEASUREMENTS||
NOTE 6 – FAIR VALUE MEASUREMENTS
Fair value measurements affect the Company’s accounting for certain of its financial assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes:
As of September 30, 2023, and December 31, 2022, the Company used Level 1 quoted prices in active markets to value cash equivalents of $3.7 million and $116.3 million, respectively. The Company did not have any Level 2 or Level 3 assets or liabilities as of both September 30, 2023 and December 31, 2022.
The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef