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Note 4 - Fair Value Measurements
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

4. Fair Value Measurements

 

The Company categorizes its financial instruments into a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. 

 

Cash, cash equivalents and restricted cash approximate fair value due to their short term nature. Marketable securities consist of  U.S. Treasury Bills and are carried at amortized cost, which approximates fair value at September 30, 2023. The Company did not have any Level 2 or Level 3 financial assets or liabilities measured at fair value on a recurring basis as of September 30, 2023 or December 31, 2022.

 

   

Carrying

   

Fair Value Measurement at September 30, 2023

 
   

Value

   

Level 1

   

Level 2

   

Level 3

 
   

(Unaudited - In thousands)

 

Cash and cash equivalents

  $ 15,660     $ 15,660     $     $  
                                 

Restricted cash

  $ 25     $ 25     $     $  
                                 

 

   

Carrying

   

Fair Value Measurement at December 31, 2022

 
   

Value

   

Level 1

   

Level 2

   

Level 3

 
   

(Unaudited - In thousands)

 

Cash and cash equivalents

  $ 13,331     $ 13,331     $     $  
                                 

Restricted cash

  $ 25     $ 25     $     $  
                                 

Marketable securities—held-to-maturity:

                               

U.S. Government securities

  $ 5,956     $ 5,956     $     $  
                                 

Ownership interests

  $ 860     $ 860     $     $