FAIR VALUE

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

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 Financial Accounting Standards Board (“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 March 31, 2024.

The tables below present the recorded amount of financial assets measured at fair value (money market fund) (in thousands) on a recurring basis as of March 31, 2024 and December 31, 2023. The Company's interest-bearing deposits are measured at amortized cost, which approximates fair value to the carrying value due to the relatively short maturity of the asset, (in thousands). The Company did not have any financial assets measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023. The Company did not have any material financial liabilities that were required to be measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023.

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money Market Funds – JPMorgan Chase, US	$	1,609	$	—	$	—	$	1,609
Interest bearing deposits – various banks	1,070		—		—		1,070
Total assets	$	2,679	$	—	$	—	$	2,679
Amounts included in Assets:
Cash and cash equivalents	$	1,609	$	—	$	—	$	1,609
Restricted cash	674		—		—		674
Long-term restricted cash	396		—		—		396
Total	$	2,679	$	—	$	—	$	2,679

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money Market Funds – JPMorgan Chase, US	$	2,310	$	—	$	—	$	2,310
Interest bearing deposits – various banks	1,084		—		—		1,084
Total assets	$	3,394	$	—	$	—	$	3,394
Amounts included in Assets:
Cash and cash equivalents	$	2,310	$	—	$	—	$	2,310
Restricted cash	674		—		—		674
Long-term restricted cash	410		—		—		410
Total	$	3,394	$	—	$	—	$	3,394