FAIR VALUE

The Company utilizes fair value measurements to record fair value adjustments to certain financial assets and to determine fair value disclosures.

Fair Value Measurements and Disclosure (Topic 820) of the FASB establishes a fair value hierarchy that requires the use of observable market data, when available, and prioritizes the inputs to valuation techniques used to measure fair value in the following categories:


•	Level 1 – Quoted unadjusted prices for identical instruments in active markets.


•	Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets.


•	Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

The primary objective of the Company’s investment activities is to preserve principal while maximizing yields without significantly increasing risk. The investment instruments held by the Company are money market funds and interest bearing deposits for which quoted market prices are readily available. The Company considers these highly liquid investments to be cash equivalents. These investments are classified within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company does not have any material financial liabilities that were required to be measured at fair value on a recurring basis at September 30, 2018. The table below presents the recorded amount of financial assets measured at fair value (in thousands) on a recurring basis as of September 30, 2018 and December 31, 2017.



September 30, 2018	Level 1		Level 2		Level 3		Total
Assets
Money Market Funds – JPMorgan Chase, US	$	852	$	—	$	—	$	852
Interest bearing deposits – various banks	7,508		—		—		7,508
Total assets	$	8,360	$	—	$	—	$	8,360
Amounts included in:
Cash and cash equivalents	$	1,564	$	—	$	—	$	1,564
Restricted cash	741		—		—		741
Long-term restricted cash	6,055		—		—		6,055
Total	$	8,360	$	—	$	—	$	8,360



December 31, 2017	Level 1		Level 2		Level 3		Total
Assets
Interest bearing deposits – various banks	$	23,695	$	—	$	—	$	23,695
Total assets	$	23,695	$	—	$	—	$	23,695
Amounts included in:
Cash and cash equivalents	$	16,651	$	—	$	—	$	16,651
Restricted cash	741		—		—		741
Long-term restricted cash	6,303		—		—		6,303
Total	$	23,695	$	—	$	—	$	23,695