Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 3 – FAIR VALUE MEASUREMENTS

Marketable debt securities, all of which were classified as available-for-sale, consist of the following:

	June 30, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Corporate Bonds - presented in marketable debt securities, current	$	37,852	$	-	$	(22	)	$	37,830
Corporate Bonds - presented in marketable debt securities, non-current		60,457		-		(79	)		60,378
Total	$	98,309	$	-	$	(101	)	$	98,208

As of December 31, 2020, the Company did not have any marketable debt securities.

The Company has recorded the securities at fair value in its condensed consolidated balance sheet and unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The amount of realized gains and losses reclassified into earnings are based on the specific identification of the securities sold or securities that reached maturity date. There were no sales or maturities of securities in the periods presented.

The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market.

Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:

● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

The following table presents the Company’s financial assets measured and recorded at fair value on a recurring basis using the above input categories as of June 30, 2021: 

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds - presented in cash and cash equivalents	$	35,085	$	-	$	-	$	35,085
Corporate bonds - presented in marketable debt securities, current		-		37,830		-		37,830
Corporate bonds - presented in marketable debt securities, non-current		-		60,378		-		60,378
Total assets	$	35,085	$	98,208	$	-	$	133,293

As of December 31, 2020, the Company did not have any marketable debt securities or money market funds.