Investment and Fair Value

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Investment and Fair Value

Note 11. Investment and fair value

The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance describes a fair value hierarchy based on the levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:

● Level 1 – Quoted prices in active markets for identical assets or liabilities

● Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or corroborated by observable market data or substantially the full term of the assets or liabilities

● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the value of the assets or liabilities

The following table provides the investments carried at fair value measured on a recurring basis as of March 31, 2016:

	Level 1		Level 2		Level 3		Total
Investments – FNCX Common shares	$	103	$	–	$	–	$	103
Investments – APPY Common shares		392		–		–		392
	$	495	$	–	$	–	$	495

The following table provides the investments carried at fair value measured on a recurring basis as of December 31, 2015:

	Level 1		Level 2		Level 3		Total
Investments – FNCX Common shares	$	444	$	–	$	–	$	444