Note 8 - Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 8.  Fair Value Measurements

A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy:

● Level 1 – Quoted prices for identical instruments in active markets

● Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose significant inputs are observable

● Level 3 – Instruments with model-derived valuations whose significant inputs are unobservable

Cash and cash equivalents include cash on hand, cash in banks, and short-term, highly liquid investments with maturities of three months or less. Short-term investments with maturities over three and up to twelve months are recorded in Short-term investments on the Condensed Consolidated Balance Sheets.

The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy:

(in thousands)	September 30, 2023				December 31, 2022
	Level		Amount		Level	Amount
Cash and cash equivalents
Cash			$	7,396		$	11,998
Money market funds		1		3,003			-
United States Treasury securities		1		474			-
Total			$	10,873		$	11,998
Short-term investments
United States Treasury securities		1	$	295			-
Total			$	295			-
Total cash and cash equivalents and short term investments			$	11,168		$	11,998

As of December 31, 2022 and September 30, 2023, the fair value of cash equivalents and short-term investments approximated their cost.