Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

The estimated fair values of financial instruments outstanding were (in thousands):

	March 31, 2022 (Unaudited)
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Cash and cash equivalents	$	7,286	$	—	$	—		$	7,286
Short-term investments		19,496		—		(42	)		19,454
Total	$	26,782	$	—	$	(42	)	$	26,740

	December 31, 2021
			Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Cash and cash equivalents	$	8,968	$	—	$	—		$	8,968
Short-term investments		23,040		—		(29	)		23,011
Total	$	32,008	$	—	$	(29	)	$	31,979

The following table represents the Company’s fair value hierarchy for its financial assets (cash equivalents and investments) (in thousands):

	March 31, 2022 (Unaudited)
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	6,299	$	6,299	$	—	$	—
Corporate notes and commercial paper		19,454		—		19,454		—
Total financial assets	$	25,753	$	6,299	$	19,454	$	—

	December 31, 2021
	Fair Value		Level 1		Level 2		Level 3
Money market funds	$	5,484	$	5,484	$	—	$	—
Corporate notes and commercial paper		23,011		—		23,011		—
Total financial assets	$	28,495	$	5,484	$	23,011	$	—

As of March 31, 2022, the fair value of the derivative liability amounted to $120,000. The details of derivative liability transactions for the three months ended March 31, 2022 and 2021, are as follows:

	March 31, 2022			March 31, 2021
		(Unaudited)			(Unaudited)
Beginning balance	$	138,000		$	383,000
Fair value upon issuance of warrants		-			-
Change in fair value		(18,000	)		(21,000	)
Extinguishment		-			-
Ending balance	$	120,000		$	362,000