|
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 tables summarize the Company’s financial assets measured at fair value on a recurring basis as of September 30,
2017 and December 31, 2016 (in thousands):
| Description |
|
September
30,
2017
|
|
|
Quoted
Prices in
Active
Markets
(Level
1)
|
|
| Assets: |
|
|
|
|
|
|
|
|
| Cash equivalents |
|
$ |
17,305 |
|
|
$ |
17,305 |
|
| |
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
17,305 |
|
|
$ |
17,305 |
|
| Description |
|
December
31,
2016
|
|
|
Quoted
Prices in
Active
Markets
(Level
1)
|
|
|
Significant
Other
Observable
Inputs
(Level
2)
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
equivalents |
|
$ |
10,006 |
|
|
$ |
10,006 |
|
|
$ |
— |
|
| Marketable
securities – available for sale |
|
|
7,180 |
|
|
|
5,926 |
|
|
|
1,254 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
|
$ |
17,186 |
|
|
$ |
15,932 |
|
|
$ |
1,254 |
|
|