Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Measurements

Fair Value Measurements

NOTE 7 – Fair Value Measurements

Our financial instruments are classified and disclosed in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following table summarizes the valuation of our financial instrument pricing levels as of March 31, 2020 and December 31, 2019:

	Total		Level 1		Level 2		Level 3
March 31, 2020
Equity investments	$	1,010,000	$	1,010,000	$	—	$	—
December 31, 2019
Equity investments	$	1,182,000	$	1,182,000	$	—	$	—

Our equity investments consist of mutual funds.  These investments are included in other assets in our consolidated balance sheets. Gains and losses on our equity investments for the three months ended March 31, 2020 and 2019, respectively, are as follows:

	2020		2019
Net (losses) gains recognized during the period on equity investments	$	(176,000)	$	87,000
Less: net gains recognized during the period on equity investments sold during the period		25,000		—
Unrealized (losses) gainsrecognized during the period on equity investments still held at period end	$	(201,000)	$	87,000

The carrying amounts of other financial instruments reported in our consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short maturity of these instruments.