Fair Value Disclosures |
9 Months Ended | |||||||||
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Sep. 30, 2019 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Fair Value Disclosures |
(3) Fair Value Disclosures There were no marketable securities as of September 30, 2019 or December 31, 2018.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Inputs used to measure fair value are classified into the following hierarchy:
As of September 30, 2019 and December 31, 2018, the Company had $9.6 million and $6.5 million, respectively, of cash equivalents consisting of money market funds with original maturities of 90 days or less. The Company has the ability to liquidate these investments without restriction. The Company determines fair value for these money market funds and equity securities with Level 1 inputs through quoted market prices. There were no transfers of assets between fair value hierarchy levels during the nine-month period ended September 30, 2019. Fair Value of Other Financial Instruments The carrying amount of other financial instruments, including accounts payable and notes payable approximated fair value due to their short maturities. |