|
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 June 30, 2016
(in thousands):
| Description |
|
June 30,
2016
|
|
|
Quoted Prices in
Active Markets
(Level 1)
|
|
|
Significant
Other
Observable Inputs
(Level
2)
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
equivalents |
|
$ |
798 |
|
|
$ |
798 |
|
|
$ |
— |
|
| Marketable
securities – available for sale |
|
|
16,308 |
|
|
|
10,782 |
|
|
|
5,526 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
17,106 |
|
|
$ |
11,580 |
|
|
$ |
5,526 |
|
|