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Note 5 - Fair Value Measurements and Other Financial Measurements
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
NOTE
5
– FAIR VALUE MEASUREMENTS AND OTHER FINANCIAL MEASUREMENTS
 
The Company’s financial instruments are accounted for at fair value on a recurring basis. 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. The
three
levels of the fair value hierarchy are described below:
 
Level
1
– Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date.
 
Level
2
– Significant other observable inputs other than Level
1
prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
 
Level
3
– Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
 
The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and short-term notes receivable. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature. The estimated fair values of the Company's debt approximately carrying values as the interest rates under the loan agreements either approximately current market rates or there were not significant fluctuations in current market rates to change the fair values of the underlying instruments. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.