Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS

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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
NOTE 5 – 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:
 
Level 1:      Observable inputs, such as quoted prices in active markets.
 
Level 2:      Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 2 assets and liabilities include debt securities with quoted market prices that are traded less frequently than exchange-traded instruments. This category includes U.S. government agency-backed debt securities and corporate-debt securities.
 
Level 3:     Unobservable inputs in which there is little or no market data.
  
The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2015 (in thousands):
 
Description
 
December 31,
2015
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Assets:
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
$
7,649
 
$
7,649
 
$
—
 
Marketable securities – available for sale
 
 
23,841
 
 
13,920
 
 
9,921
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
31,490
 
$
21,569
 
$
9,921