Note 4 - Fair Value Measurements and Financial Instruments

12 Months Ended

Dec. 31, 2014

Notes

Note 4 - Fair Value Measurements and Financial Instruments

Note 4 – Fair Value Measurements and Financial Instruments 

The Company follows a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).  A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company uses the following valuation techniques to measure fair value for its assets and liabilities:

              Level 1 - Quoted market prices in active markets for identical assets or liabilities;

              Level 2 - Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs);

              Level 3 - Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability.

The following table provides financial assets carried at fair value measured as of December 31 for the past two years:

		Level 1				Levels 2 & 3				Total
		2014		2013		2014		2013		2014		2013
Equities		58		56		-		-		58		56
Total	$	58	$	56	$	-	$	-	$	58	$	56

None of the Company’s financial instruments, which are current assets and liabilities that could be readily traded, are held for trading purposes.  Detail on investments is provided in note 3 above.  The Company estimates that the fair value of all financial instruments at December 31, 2014 does not differ materially from the aggregate carrying value of its financial instruments recorded in the accompanying consolidated balance sheet.