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Fair Value Measurements

9 Months Ended

Sep. 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:

		September 30, 2021
		Amortized Cost				Unrealized Gains				Unrealized Losses				Estimated Fair Value
Corporate Bonds - presented in marketable debt securities, current		$	53,018			$	-			$	(2	)		$	53,016
Corporate Bonds - presented in marketable debt securities, non-current			44,689				-				(37	)			44,652
Total		$	97,707			$	-			$	(39	)		$	97,668

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. Cash proceeds realized from maturities and redemptions of securities available-for-sale as of September 30, 2021 were $2,600 and $13,828, respectively. There were no sales or maturities of securities in the periods presented.

Gross realized gains and losses on the redemptions of investments have not been material to the Company’s consolidated statement of operations.

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 September 30, 2021:

		September 30, 2021
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds - presented in cash and cash equivalents		$	29,942			$	-			$	-			$	29,942
Corporate bonds - presented in marketable debt securities, current			-				53,016				-				53,016
Corporate bonds - presented in marketable debt securities, non-current			-				44,652				-				44,652
Total assets		$	29,942			$	97,668			$	-			$	127,610

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

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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