Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS

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FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS

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 consists of U.S. government agency-backed 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 September 30, 2016 (in thousands):

 

Description   September 30,
2016		     Quoted Prices in
Active Markets
(Level 1)		     Significant Other
Observable Inputs
(Level 2)		  
Assets:                        
Cash equivalents   $ 6,070     $ 6,070     $ —  
Marketable securities – available for sale     11,094       8,580       2,514  
                         
Total assets   $ 17,164     $ 14,650     $ 2,514