Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS

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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
NOTE 3 – 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 March 31, 2016 (in thousands):
 
Description
 
March 31,
2016
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Assets:
 
 
 
 
 
 
 
 
 
 
Cash equivalents
 
$
4,535
 
$
4,535
 
$
—
 
Marketable securities – available for sale
 
 
19,059
 
 
11,516
 
 
7,543
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
23,594
 
$
16,051
 
$
7,543