Note 10 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 10.  Fair Value of Financial Instruments​

The following table represents a summary of the Company’s financial instruments measured at fair value on a recurring basis for the periods indicated (in thousands):

	As of September 30, 2020								As of December 31, 2019
	(Level 1)		(Level 2)		(Level 3)		Total		(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash and cash equivalents	$	46,772	$	—	$	—	$	46,772	$	59,977	$	—	$	—	$	59,977
Restricted cash		11,296		—		—		11,296		7,051		—		—		7,051
Total assets	$	58,068	$	—	$	—	$	58,068	$	67,028	$	—	$	—	$	67,028
Liabilities:
Bank acceptance payable	$	—	$	13,366	$	—	$	13,366	$	—	$	6,310	$	—		6,310
Convertible senior notes		—		74,240		—		74,240		—		77,191		—		77,191
Total liabilities	$	—	$	87,606	$	—	$	87,606	$	—	$	83,501	$	—	$	83,501

The carrying value amounts of accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value because of the short-term maturity of these instruments. The carrying value amounts of bank acceptances approximate fair value due to the short-term nature of the debt since it renews frequently at current interest rates. The Company believes that the interest rates in effect at each period end represent the current market rates for similar borrowings.

The fair value of its convertible senior debt is measured for disclosure purpose. The fair value is based on observable market prices for this debt, which is traded in less active markets and are therefore classified as a Level 2 fair value measurement.